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Appellate court decision allows Bitconnect class action to proceed Appellate court decision allows Bitconnect class action to proceed
Business / Crypto

Appellate court decision allows Bitconnect class action to proceed

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The 11th Circuit Court of Appeals has ruled that victims of the Bitconnect Ponzi scheme can proceed with a class action suit by reversing a previous ruling that prohibited such a case. Bitconnect is the endlessly memed ICO from 2017 that collapsed in January, 2018. Appellate courts are superior courts that are used to review previously tried cases so the ruling may be reversed or confirmed. The alleged victims may now move forward with a class action case against BitConnect (BCC) and its promoters Glenn Arcaro, Ryan Maasen, Trevon James, Ryan HiIdreth, and Craig Grant. There is no word yet on whether the complainants will proceed with the case. The original complainants filed suit in order to be compensated for damages from being defrauded by BitConnect and its promoters. The complaint say...