Business 13 August 2018

Gerald Fenech

BitConnect vanishing soon from the face of crypto world

What was deemed as one of the biggest scams in the history of cryptocurrency will shortly be no more. The much maligned BitConnect (BCC)coin, which had soared to an all-time high of well over $400 after just a few months then tanked to its present price of $0.67, is about to be delisted from the last exchange foolish enough to be trading it.

On Friday, cryptocurrency exchange TradeSatoshi announced that it is removing 10 altcoins from its platform effective Sept. 10, 2018. Among the coins to be delisted is BCC, which reportedly still has a market capitalization of over $6.6 million—an incredible feat given that the token is practically worthless now.

The little-known crypto exchange is one of the last crypto exchanges that still traded BCC, which means that BCC will soon become a dead coin over a lack of liquidity. TradeSatoshi has a daily trading volume of $1.16 million, over 78% of which is focused on ATC/BTC pair.

BitConnect is infamously known as the cryptocurrency investing and lending platform that lured thousands of investors into pouring millions of dollars into its BCC coin, promising high returns. As with most of these Ponzi type scams, the coin fell spectacularly and several thousand investors were ruined, losing millions.

In January, BitConnect shut down the exchange and lending platform in the wake of early action against regulators. Cease and desist letters issued by regulators in North Carolina and Texas warned BitConnect the company was operating in unregistered securities, which could have paved the way for further enforcement action.

In its announcement, BitConnect blamed the impact of “bad press” on user confidence, as well as a series of DDoS attacks against its platform, as factors in the company’s decision to wrap up its operations. Soon after, the BCC token lost more than 90% of its value. In January, it dropped from a near all-time high of well over $400 to about $7. It then made a dead cat bounce to about $70, before plummeting to its current $0.67.

Disgruntled investors went after BitConnect, as it was later on hit with a class-action lawsuit brought forth by six investors whose losses were of $770,000. A second class-action lawsuit followed, resulting in a U.S. freezing all of BitConnect’s assets.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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