It looks like the Australian government doesn’t want to have anything to do with cryptocurrencies as the federal court of Australia placed a travel ban on John Bigatton.
John Bigatton who is a promoter, shareholder and director of Bitconnect and his wife Madeline Bigatton are the only representative of Bitconnect in Australia.
However, in March 2018, Madeline Bigatton was reportedly missing and has not been found as at the time of writing this. Though, an Australian newspaper in the name of The Sydney Morning Herald wrote that John who is her husband has no hand in her disappearance.
Nonetheless, the federal court of Australia decided to place a travel ban and also freed the funds of John because they feel his dealings are a bit shady and they want to investigate to see how he really makes his money.
The government started its investigations in December 2018, and now the federal court ordered him to mention where all his cryptocurrencies savings are.
Some investors has filed a lawsuit against Bitconnect and they are demanding compensations after its been shutdown. Their reasons are because Bitconnect cryptocurrency tokens were not duly registered and the federal high court saw it as a ponzi scheme.
We honestly hope this development don’t stop investors from not investing in Bitcoin and other cryptocurrencies and we also hope it won’t stop the Australian government from embracing Bitcoin.