I have invested in crypto currency specifically on “bitconnect” which turn out to be a scam, would I be able to claim it as loss on my taxes?

[IreneS]

Yes - You can claim the loss as a capital loss.  You will only be able to take $3,000 of loss each year.  The balance will be carried forward, to be taken on future returns.

To enter your cryptocurrency transactions, please follow these steps:

1. Click Federal > Wages & Income
2. In the Investment Income section, click the Start/Update box next to Cryptocurrency.
3. On the screen, Did you sell or trade cryptocurrency in 2018, click the blue Yes box at the bottom of the screen.
4. On the next screen, Let's get your cryptocurrency info, click the I'll type it in myself box.
5. Enter the information on the next screen.  For the sales price, enter zero (0).
   
6. Continue through the screens, entering the requested information.

Cryptocurrency  is a complex subject and there has been a lot of discussion/debate surrounding it, expecially cryptocurrency theft.  TurboTax MichaelDC  provides an insight to cryptocurrency theft in his answer below:

https://ttlc.intuit.com/replies/6492916