Cryptocurrency platform NovaChain turned out to be a financial pyramid

The NovaChain trading platform, which offered clients the opportunity to receive passive income from algorithmic cryptocurrency trading, stopped paying its depositors money.

The site NovaChain.cc is currently not working anymore. When clicking on a link, this notification appears:

“Welcome to NovaChain.cc. This page is courtesy of GoDaddy.com free of charge. ”

NovaChain presented itself as a grand and large-scale world-class project. During the past year, several famous people advertised it, although it later turned out that some of the recommendations turned out to be fakes.

Over time, the NovaChain business model increasingly began to show signs of a financial pyramid. There were more and more points signaling the project’s similarity to BitConnect. Further, the development of the situation acquired a standard character: the site stopped working, information on social networks ceased to appear (the last post was devoted to an article about Bitcoin and published on June 18).

Experts suggest that the project developers decided to roll out the business at the peak of popularity, when there was the largest influx of funds to the platform. This is evidenced by the reports of many investors.

“I invested $ 8,500 in NovaChain and after a week they closed. As a result, more than 25 thousand people suffered, who together invested millions of dollars, ”writes one of the project participants.