BitConnect (BCC) is living a second life as a speculative curiosity coin on TradeSatoshi. Recently, the asset doubled in price within hours, a short-term pump initiated on extremely low volumes of around $4,000.
At the same time, the BitConnect X project seems to be frozen, with no indication of the token ever coming on exchanges. The website for the project only states that the ICO period has closed, and there is no information about the size of contributions collected. BitConnect X was a project released just as BitConnect was unraveling, around the time of its exit scam.
The sudden BitConnect pump is negligible compared to the general sideways drift in its prices. BCC has extremely low volumes, and trades in very different prices, between $0.75 and $0.47, depending on the pairing with another crypto coin. BCC grew by up to 167% overnight, to around $0.67 in the BTC market, later dropping to $0.64.
During the latest bout of trading, one of the most infamous influencers, Trevon James, once again presented the coin in a favorable light, this time in a tweet:
James has received a subpoena to testify to the US Securities and Exchange Commission (SEC), for his role as one of the chief influencers for BitConnect.
The BitConnect project saw volunteers and influencers hype the coin on YouTube, reaching a vast audience, and spreading the fame of BitConnect to disproportionate levels. The US SEC became aware of the promotions, and now goes after the influencers to gather more details. James is in no way a part of the BitConnect team, which has remained anonymous even after the exit scam.
At one point, Trevon James held an influential Steemit account with a value above $1 million. Now, the market value of the account is around $100,000. Significant withdrawals from the account, along with a drop in market prices, has seen the value slide significantly, as Trevon James decreased the STEEM Power from around 260,000 to around 107,777 tokens. Many believed he hid his BitConnect haul into Steemit - but now, that wealth has moved. Steemit users and bots have taken care to disconnect James from further rewards and from using his STEEM Power, in effect ousting him from the platform. He has continued posting sporadically, but without the previous influence.
Reportedly, since the middle of 2016 and until the crash of BitConnect, Trevon James used his YouTube channel to send out his referral link, and garner significant revenues from referrals.
BitConnect, along with DavorCoin, shows that in the world of crypto coins, trends and influence can be dangerous. The upcoming testimonial is yet another reminder that the SEC is vigilant about crypto scams causing damage to personal finance.