Tainted Cryptocurrency BitConnect To Be delisted From Last Crypto Exchange.
Bitconnect is set to become a dead coin due to lack of liquidity as the last crypto exchange that still trades it announced that they are delisting it.
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 that the delisting will take place on Sept. 10. The token still has a market cap of over $6.6 million.
The following coins will be delisted from Tradesatoshi Exchange the 10-09-18
BCC, LBC, EBLU, SLC, BSS, FRX, HYPER, DMCC, JESUS, TPAY. pic.twitter.com/6jEn8N8y8K
— Trade Satoshi (@TradeSatoshi) August 10, 2018
For the uninitiated – BitConnect was both a pyramid and Ponzi scheme masquerading as a cryptocurrency lending platform. The more money you invested, the more dividends you were paid via a four-tiered investment system. A warped affiliate program meant actively recruiting new investors netted even greater returns.
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.
Activity has picked up though over the past few weeks, being traded at around $0.60 – way down from last year. When the scam was still running, the height of price was over $400.
Things have not be going right for BitConnect and the people associated with it. Recently, Crypto Clover, one of BitConnect’s top promoters claims to have been detained, threatened and interrogated by the FBI. Last month, Craig Grant, a prominent BitConnect investor uploaded a YouTube video in which he confirms an SEC investigation into the company is underway.