Australian Man Admits To Promoting Bitconnect's Cryptocurrency Lending Services

According to Odaily, John Louis Anthony Bigatton, an Australian man, has admitted to promoting cryptocurrency lending services for the now-defunct cryptocurrency exchange Bitconnect. Bitconnect, which was allegedly a Ponzi scheme, shut down in 2018 and was accused of defrauding victims of more than $2.4 billion. The Australian Securities and Investments Commission (ASIC) announced in a statement on May 17 that 'Mr. Bigatton provided financial product advice without holding an Australian financial services license or authorization to provide financial services related to the lending platform.' ASIC stated that as BitConnect's national promoter, Bigatton provided financial product advice six times at various locations in Australia, four seminars, and two social media posts. BitConnect was launched in February 2016, operating a platform and a digital currency, and then shut down in January 2018. The founders eventually absconded with the funds, one of whom, Satish Kumbhani, is still missing. In January 2023, the Southern District Federal Court of California ordered the platform to compensate investors $17 million.