BitConnect: a crypto "lending program" that collapsed in 2018
Reported: BitConnect BCC (Company)
Compiled by ScamMarketCap from public recordsHappened Jan 16, 2018
- $2.4B
- Obtained from investors, per US prosecutors
- 0
- People affected
- 0
- Joined here
- 0
- Open to a lawyer
BitConnect promised investors daily returns from a secret "trading bot" and paid promoters to recruit new investors through a referral program. In January 2018 it shut down its lending platform, and its BCC token lost almost all of its value.
In February 2022 a federal grand jury in San Diego indicted founder Satish Kumbhani on charges including wire fraud conspiracy and international money laundering conspiracy, alleging the scheme obtained about $2.4 billion from investors. He was at large when the indictment was announced. BitConnect's lead US promoter pleaded guilty in 2021.
Sources
This case file is compiled from public records and established reporting. Status as of the last update, Nov 1, 2026.
Case files summarize court records, regulator actions and established reporting.
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