Crypto Exchange TradeSatoshi Bids Bitconnect Farewell
Bitconnect, the most infamous pyramidal scheme of the crypt, used for a topic of discussion in the cryptosphere, with everyone and their dog having something to say about the project.
For those who, unaware, although the platform business model evidently resembled a classic pyramid scheme (1% of daily premiums, referral commissions and the whole shebang), many naive individuals were victims of unrealistic gains that they were touted in the company's own commercials, while also trying to convince others to invest in the Bitconnect scheme. Evidently, there were other individuals who turned to social media platforms to shout out that the "investment" platform was a scam.
Eventually, the company based in India fell apart, with the company behind the project failing to pay promised returns, and subsequently an announcement to divulge that the "service" provided had to close its doors.
But even after the project was formally classified as a scam, many lesser-known exchanges still offered support for the BCC tokens, the cryptographic resource native to the now deceased BitConnect ecosystem. I will not elaborate on mentioning most of the exchanges that have supported BCC for months, as they could easily bring you to mind, however, a platform that I will mention is TradeSatoshi.
As reported by The Next Web, TradeSatoshi, a minor – known, but rather popular, the exchange focused on altcoin, announced in August that it would be removed from the sale of the BCC on 10 September. And as the publication says, "the day finally came", with TradeSatoshi removing and deactivating the BCC trading pairs, which now publish a daily volume of a large, zero fat.
However, as seen below, Bitconnect has not yet been removed from CoinMarketCap, one of the most important cryptosphere sites, despite the project being considered a scam for over seven months.
As the Next Web went ahead to be noted, it is not cut and dried, as BCC trading pairs still leap from time to time, but they are often in shady exchanges with questionable past. Regardless, it became clear that the scam and its native cryptocurrency have finally bitten the dust, more or less.
US regulators urge Indian authorities to seize properties related to Bitconnect
In related news, as reported by The Times of India, the legal case surrounding this scam has recently developed, with the Regulators located in Arizona and Illinois apparently urging the Indian authorities to seize property related to the scam.
According to the report, Bitconnect was responsible for stealing over $ 5.6 million of cryptocurrency holdings from innocent investors, making it not only the biggest scam in the history of cryptography, but a notable scam / pyramid scheme when it comes to of modern history.
By issuing a commentary on the case, the Department of Criminal Investigation based in India wrote:  Those who invested in this virtual currency company after demonetization are suspected of money laundering. I will write to the tax administration and to the tax authorities to probe these investors.
It remains to be seen whether the CID will comply with the US regulatory authorities and for now it does not seem that this case will end soon.
Photo by Daniel Jensen on Unsplash