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BitConnect's BCC token is set to be removed from the last cryptocurrency exchange that has still traded it, which means it is about to become a dead currency due to lack of liquidity. Surprisingly, the token still has a market capitalization of over $ 6.6 million.
TradeSatoshi, a little-known cryptocurrency exchange with a daily trading volume of about $ 1.16 million, of which more than 78% focused on an ATC / BTC pair, announced its move via Twitter, adding that the delisting will take place on September 10th.
For those out of the loop, BitConnect was a well-known cryptocurrency investment and loan platform widely thought to be a Ponzi scheme that saw investors pour millions of dollars into their BCC token promising returns extremely high.
BitConnect collapsed in January this year after deciding to close its cryptocurrency purse and invest in a bad press platform, distributed denial of service (DDoS) attacks and regulatory control. The move came after she was hit by a ceased and desistable emergency by the Texas securities regulator.
After the collapse of BitConnect, its BCC token almost immediately lost more than 90% of its value. In January he went from a historical high of over $ 400 to about $ 7. Then he bounced a dead cat at around $ 70, before plunging to $ 0.67 currents.
Disgruntled investors pursued BitConnect, as it was subsequently hit by a class action lawsuit promoted by six investors whose losses were $ 770,000. Subsequently, a second collective legal action followed, with a US court that froze all its activities.
While the 24-hour trading volume of the token BCCs is now non-existent, around $ 10,000 of the value of the cryptocurrency on the TradeSatoshi exchange was traded on a daily basis at the beginning of this month. The volume probably collapsed due to the delisting announcement
As other details on BitConnect have come to light, CCN reported that the scheme has yielded over $ 3 billion for its founders in India before collapsing.
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