Australian BitConnect Promoter Pleads Not Guilty In Ongoing Court Battle

Alleged former BitConnect promoter John Bigatton pleaded not guilty at Downing Centre Local Court, according to his lawyer.

Bigatton, 52, was one of the promoters of BitConnect, a cryptocurrency project that turned out to be one of the biggest Ponzi schemes in the history of crypto.

Bigatton Charged with Defrauding Australian Investors

The Australian Securities and Investments Commission accused Bigatton of ripping off small investors in Australia back in 2017/2018, besides various counts of financial crime. Bigatton is facing six charges that could give him up to 10 years in prison.

Bigatton’s lawyer, Liam Macandrews, told the court his client will maintain his not guilty pleas. Magistrate Jennifer Atkinson approved Bigatton’s pleas, however, he will next appear in the District Court on June 11 to face trial without bail.

BitConnect: Greatest Fraud in Crypto History?

Bigatton was a promoter of BitConnect in Australia before its collapse in early 2018. BitConnect, a cryptocurrency and crypto exchange, had an estimated market cap of more than US$2.5 billion in December 2017.

BitConnect became wildly popular through aggressive propaganda and offering attractive returns to investors. It went from US$0.16 to $436 in 2017 but crashed as soon as U.S. authorities came in as BitConnect was an unregistered exchange.

Carlos Matos, the leader behind BitConnect and famous for the “​yell BITTCONNEEEECCTTTTT!” phrase, disappeared since the platform was shut down, only to reappear in 2018 as a health promoter, trying to leave behind his reputation as a crypto scammer.