Bitconnect is “officially dead”

The BitConnect project, which ceased operations in January of this year, and its open-source cryptocurrency BCC with an investment program accused of being a Ponzi scheme, have lost their last supporting platform.

The accusations against the project were based on the existence of a multi-level referral system and the promise of astronomical returns on customer investments. As a result, the company was unable to fulfill its obligations, the project and its services were closed, and the price of the BCC token collapsed.

But even after the project was officially classified as a scam, many small platforms still offered support for the BitConnect token (BCC), the native crypto asset of the still existing Bitconnect ecosystem. One of these platforms is TradeSatoshi.

TradeSatoshi, a not very well-known, but at the same time popular crypto platform focused on altcoins, announced back in August the delisting of BCC from September 10. And, as stated in the official announcement, “the day has come” for the delisting and deactivation of BCC trading pairs, which are now posting a daily trading volume figure of zero.

However, Bitconnect has still not been removed from CoinMarketCap, one of the popular sites in the crypto space, despite the fact that the project has been considered a scam for over seven months.

 Despite this, the delisting of TradeSatoshi has put an end to the official existence of the asset.

However, the death of an altcoin does not mean the end of the story. 

As a result, one of the most famous pyramid schemes in the cryptocurrency space left more than a thousand investors defrauded of more than $5.6 million. After BitConnect ceased operations, a number of users in the United States filed a lawsuit against the company, demanding compensation for lost funds in the amount of $771,000. The lawsuits allege that BitConnect tokens were unregistered securities in a “large-scale Ponzi scheme.” Now American law enforcement officials are negotiating with their Indian colleagues, resolving issues of confiscation of the property of the Bitconnect company.