BitConnect’s BCC token is ready to be removed from the last cryptocurrency exchange that still traded it, which implies, it will soon become dead coin due to liquidity. Shockingly, the token maintains a market cap of more than $6.6 million.
TradeSatoshi, an obscure cryptocurrency exchange with a daily trading volume of about $1.16 million, more than 78 percent of which is focused on an ATC/BTC pair, revealed its move through Twitter, stating that the removal will happen on September 10.
For those have a very little clue, BitConnect was a recognized cryptocurrency investing and lending platform recognized to be a Ponzi scheme that had investors invest millions of dollars into its BBC token through the promise of extremely high returns.
Following its decision to close its cryptocurrency exchange investing mentioning bad press, distributed denial of service (DDoS) attacks, and regulatory scrutiny, BitConnect crashed in January. The decision came after it went through an emergency cease and desist from Texas’s securities regulator.
Following BitConnect’s crash, its BBC token immediately loosed over 90 percent of its value. In January, it dropped from a close all-time high of more than $400 to about $7. It then made a slight recovery to about $70 before declining once again to its present $0.67.
Angry investor pursued BitConnect, as it was later charged with a class-action lawsuit from six investors whose losses were of $770,000. A second class-action lawsuit was made, with a US court freezing all of its assets.