Lesser known crypto exchange TradeSatoshi has, at long last, put the final nail in BitConnect’s coffin as the exchange desk officially delists the BCC token from its trading platform.
In a previous announcement published August 10, TradeSatoshi, the last remaining cryptocurrency exchange that circulated Bitconnect’s token BCC, has declared that BCC trading would finally be discontinued on September 10. Up until that day, BCC was still available for trading, albeit its trading volume has remained static since April this year, as indexed on CoinMarketCap.
As everyone in the crypto community is most definitely well aware by now, BitConnect was a notorious Ponzi scheme disguised as a decentralized digital currency pitching a high-yield investment program that employs a multi-level referral system in which investors are promised greater returns by recruiting even more potential investors.
News of the scam first broke in January when BitConnect’s development team pulled by far one of the largest exit scams in the history of the crypto sphere, as the company unceremoniously closes its lending and exchange platform, leaving thousands of irate investors high and dry.
In the wake of the scandal, a number of former BitConnect investors has filed a class action suit seeking $770,000 in damages. Subsequently, a U.S. court has frozen all of the company’s assets.
At present, the U.S. authorities, as well as the Indian police are still working on recovering over $5.6 billion of laundered funds, or what’s at least left of it, with two U.S. states imploring India’s Criminal Investigation Department to seize the property of BitConnect promoters.
In the U.S., a number of former top BitConnect investors have also already been subpoenaed, including Trevon James Brown who was set to appear before the Securities and Exchange Commission last September 4. In August, BitConnect promoter Calen Powell was also apprehended for questioning by the FBI.