BitConnect’s BCC token is going to be delisted from the last cryptocurrency exchange that still traded it.
This means that the token is about to become a dead coin over a lack of liquidity.
TradeSatoshi, a cryptocurrency exchange with a daily trading volume of about $1.16 million, over 78% of which is concentrated on an ATC/BTC pair, proclaimed its move on Twitter, remarking that the delisting would happen on September 10.
BitConnect was a well-known cryptocurrency investing and lending platform that was believed to be a Ponzi scheme that saw investors put in millions of dollars into its BCC token after being promised high returns.
BitConnect crumbled in January of this year after it shut down its cryptocurrency exchange and investing platform claiming bad publicity, distributed denial of service (DDoS) attacks, and regulatory examination. The development came after it was given an emergency cease and desist by the securities regulator of the state of Texas.
After BitConnect faltered, its BCC token almost immediately shed more than 90% of its value. In January it dropped from a near all-time high of well over $400 to roughly $7. It then made a dead cat bounce to $70, before plunging to its current $0.67.
Angry investors went after BitConnect, as it was later on slapped with a class-action lawsuit by six investors whose losses were of $770,000. Later, a second class-action lawsuit came, with a US court later freezing all of its assets.
While BCC tokens’ 24-hour trading volume is now nonexistent, earlier this month about $10,000 worth of the cryptocurrency were being traded daily on the TradeSatoshi exchange. The volume most likely dropped because of the delisting announcement.
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