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Australia Bitconnect Promoter’s Assets Frozen

When it comes to cryptocurrency; there are many people that try to point to certain projects and events to claim that the entire sector is rife with corruption and fraud. One of the projects that is most notorious for this is Bitconnect, which many have criticized as a Ponzi scheme.

Many have put Bitconnect behind them, and have dismissed those who promoted the project completely. However, it appears as though a Bitconnect promoter by the name of John Biggaton is still making headlines.

Strange Circumstances

The Australian financial enforcement agency, known as the Australian Securities and Investment Commission (ASIC), has frozen Biggaton’s assets, who was a well-known promoter of Bitconnect in Australia. The assets include both fiat assets from his investment management firm as well as his cryptocurrency holdings, as well.

While Biggaton is not implicated in his wife’s disappearance, although many believe that the fallout involved from Bitconnect might have something to do with her emotional state during the time. Her disappearance occurred early last year in March 2018, and is presumed dead, although it is still unclear as to whether it was the result of a murder or suicide.

Context and Details

There are many influencers who were implicated for promoting Bitconnect, which marketed itself as a “cryptocurrency lending” platform. It claimed that it would deliver returns as high as 40% per month, which led many others to believe that the project might be a fraud. Some of the most high-profile figures in the cryptocurrency world promoted the project during the cryptocurrency bull run in 2017, including individuals such as “Crypto Chick” and Trevon James, otherwise known as “Bitcon Tre”. There are still Youtube videos up of James boasting about his Bitconnect earnings:

Biggaton’s assets have not only been frozen, but he apparently has also been blocked from traveling, as well. Bitconnect collapsed in early 2018, and it is unclear exactly what action will be taken against Biggaton at this time.

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