Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange
Originally published on: CCN
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August 12, 2018
BitConnect’s BCC token is set to be delisted from the last cryptocurrency exchange that still traded it, meaning it’s about to become a dead coin over a lack of liquidity. Surprisingly, the token still has a market cap of over $6.6 million.
TradeSatoshi, a little-known cryptocurrency exchange with a daily trading volume of about $1.16 million, over 78% of which is focused on an ATC/BTC pair, announced its move via Twitter, adding that the delisting will take place on Sept. 10.
For those out of the loop, BitConnect was a well-known cryptocurrency investing and lending platform widely believed to be a Ponzi scheme that saw investors pour in millions of dollars into its BCC token through the promise of extremely high returns.
BitConnect collapsed in January of this year after it decided to shut down its cryptocurrency exchange and investing platform citing bad press, distributed denial of service (DDoS) attacks, and regulatory scrutiny. The move came after it was hit with an emergency cease and desist from Texas’ securities regulator.
After BitConnect collapsed, its BCC token almost immediately dropped over 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. Later on, a second class-action lawsuit followed, with a US court later freezing all of its assets.
While BCC tokens’ 24-hour trading volume is now nonexistent, earlier this month about $10,000 worth of the cryptocurrency were being traded on the TradeSatoshi exchange on a daily basis. The volume likely plummeted because of the delisting announcement.
As more details about BitConnect came to light, CCN reported that the scheme netted over $3 billion for its founders in India before collapsing.
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