YouTube Became Another Defendant to BitConnect Scam Case

July 9, 2018

According to judicial documents filed on July 3, the number of defendants on a class action lawsuit against Bitconnect has included the world’s largest video-hosting Youtube.

The suit was filed on January 24. The claimants charge the crypto investment platform BitConnect with issuing unregistered securities as digital tokens BCC. The platform creators are accused of founding a financial pyramid and are demanded to reimburse $771,000-worth loss after 95% BCC rate collapse in mid-January this year.

As legal documents say, YouTube is charged with posting a number of promo-videos that called for investors to put up their funds in a fraudulent scheme. The claimants stated, YouTube hasn't taken any step to remove or demonetize the posted videos

Ten most popular BitConnect representatives were reported to get over 58 million views. The claimants say, YouTube could study in more detail the nature of the posted videos to find out the BitConnect’s content is harmful for users. YouTube however did not block the videos by BitConnect which resulted in more victims of the scam.

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