Indian authorities seize $190 million in cryptocurrency related to the BitConnect crypto Ponzi scheme

ChainCatcher news, Indian authorities have seized nearly $190 million in cryptocurrency related to Bitconnect during an ongoing investigation into a crypto Ponzi scheme that was uncovered in 2018, resulting in losses of approximately $2.4 billion for 4,000 investors across 95 countries. Bitconnect was launched in 2016 and collapsed in 2018.

It is reported that Bitconnect founder Satish Kumbhani (who was charged by the U.S. Department of Justice in February 2022) established a global network of promoters, paying them commissions to promote the Ponzi scheme.