<s>
Bitconnect	B-Protocol
(	O
also	O
spelled	O
BitConnect	B-Protocol
and	O
KimConnect	O
;	O
stylized	O
bitconnect	B-Protocol
,	O
ticker	O
code	O
BCC	O
)	O
was	O
an	O
open-source	B-License
cryptocurrency	O
in	O
2016	O
–	O
2018	O
that	O
was	O
connected	O
with	O
a	O
high-yield	O
investment	O
program	O
,	O
a	O
type	O
of	O
Ponzi	O
scheme	O
.	O
</s>
<s>
Bitconnect	B-Protocol
was	O
released	O
in	O
2016	O
with	O
the	O
goal	O
of	O
allowing	O
users	O
to	O
lend	O
the	O
value	O
of	O
Bitconnect	B-Protocol
Coin	O
in	O
return	O
for	O
interest	O
payments	O
.	O
</s>
<s>
The	O
marquee	O
program	O
was	O
the	O
so-called	O
lending	O
platform	O
where	O
users	O
traded	O
Bitcoin	B-Protocol
for	O
Bitconnect	B-Protocol
Coin	O
and	O
could	O
lock	O
in	O
the	O
instantaneous	O
value	O
of	O
the	O
coin	O
for	O
a	O
set	O
period	O
of	O
time	O
while	O
earning	O
interest	O
calculated	O
daily	O
.	O
</s>
<s>
The	O
trading	O
bot	O
was	O
the	O
most	O
controversial	O
piece	O
of	O
the	O
Bitconnect.co	O
system	O
.	O
</s>
<s>
The	O
liquidity	O
of	O
the	O
BCC	O
cryptocurrency	O
funded	O
users	O
 '	O
ability	O
to	O
exchange	O
their	O
earnings	O
for	O
Bitcoin	B-Protocol
.	O
</s>
<s>
On	O
November	O
7	O
,	O
2017	O
,	O
the	O
government	O
of	O
the	O
United	O
Kingdom	O
issued	O
Bitconnect	B-Protocol
a	O
notice	O
with	O
two	O
months	O
to	O
prove	O
its	O
legitimacy	O
.	O
</s>
<s>
Texas	O
State	O
Security	O
Board	O
and	O
North	O
Carolina	O
Secretary	O
of	O
State	O
Securities	O
Division	O
warned	O
that	O
Bitconnect	B-Protocol
was	O
not	O
registered	O
to	O
sell	O
securities	O
in	O
their	O
respective	O
states	O
.	O
</s>
<s>
On	O
January	O
17	O
,	O
2018	O
,	O
Bitconnect	B-Protocol
shut	O
down	O
,	O
and	O
BCC	O
prices	O
crashed	O
by	O
92%	O
immediately	O
after	O
.	O
</s>
<s>
Bitconnect	B-Protocol
announced	O
it	O
would	O
refund	O
its	O
loans	O
.	O
</s>
<s>
On	O
January	O
31	O
,	O
2018	O
,	O
a	O
temporary	O
restraining	O
order	O
froze	O
Bitconnect	B-Protocol
's	O
assets	O
,	O
expiring	O
on	O
February	O
13	O
.	O
</s>
<s>
However	O
,	O
Bitconnect	B-Protocol
as	O
an	O
entity	O
never	O
actually	O
existed	O
,	O
so	O
it	O
is	O
unclear	O
what	O
assets	O
Bitconnect	B-Protocol
has	O
(	O
or	O
ever	O
had	O
)	O
.	O
</s>
<s>
An	O
alleged	O
India-region	O
leader	O
(	O
one	O
level	O
below	O
founder	O
)	O
of	O
Bitconnect	B-Protocol
,	O
Divyesh	O
Darji	O
,	O
was	O
arrested	O
in	O
Delhi	O
,	O
India	O
,	O
on	O
August	O
18	O
,	O
2018	O
.	O
</s>
<s>
Bitconnect	B-Protocol
was	O
suspected	O
of	O
being	O
a	O
Ponzi	O
scheme	O
because	O
of	O
its	O
multilevel	O
marketing	O
structure	O
and	O
impossibly	O
high	O
payouts	O
(	O
1%	O
daily	O
compounded	O
interest	O
)	O
.	O
</s>
<s>
Bitconnect	B-Protocol
interest	O
fluctuated	O
greatly	O
with	O
the	O
volatility	O
of	O
Bitcoin	B-Protocol
,	O
which	O
its	O
value	O
was	O
tied	O
to	O
.	O
</s>
<s>
The	O
Bitconnect	B-Protocol
Coin	O
was	O
among	O
the	O
world	O
's	O
top	O
20	O
most	O
successful	O
cryptocurrency	O
tokens	O
until	O
its	O
price	O
collapsed	O
after	O
traders	O
began	O
losing	O
confidence	O
.	O
</s>
<s>
Bitconnect	B-Protocol
released	O
outstanding	O
loans	O
at	O
a	O
rate	O
of	O
US	O
$363.62	O
to	O
the	O
Bitconnect	B-Protocol
Wallet	B-Protocol
in	O
form	O
of	O
BCC	O
.	O
</s>
<s>
On	O
January	O
16	O
,	O
2018	O
,	O
Bitconnect	B-Protocol
announced	O
it	O
would	O
shut	O
down	O
its	O
cryptocurrency	O
exchange	O
and	O
lending	O
operation	O
after	O
regulators	O
from	O
Texas	O
and	O
North	O
Carolina	O
issued	O
a	O
cease	O
and	O
desist	O
order	O
against	O
it	O
.	O
</s>
<s>
On	O
January	O
31	O
,	O
2018	O
,	O
a	O
U.S.	O
District	O
Court	O
,	O
Western	O
District	O
of	O
Kentucky	O
,	O
granted	O
a	O
temporary	O
restraining	O
order	O
freezing	O
Bitconnect	B-Protocol
's	O
assets	O
and	O
"	O
to	O
disclose	O
cryptocurrency	B-Protocol
wallet	I-Protocol
and	O
trading	O
account	O
addresses	O
,	O
as	O
well	O
as	O
the	O
identities	O
of	O
anyone	O
to	O
whom	O
Bitconnect	B-Protocol
has	O
sent	O
digital	O
currencies	O
within	O
the	O
last	O
90	O
days	O
"	O
.	O
</s>
<s>
In	O
September	O
2021	O
,	O
the	O
U.S.	O
Securities	O
and	O
Exchange	O
Commission	O
sued	O
Bitconnect	B-Protocol
,	O
alongside	O
its	O
founder	O
Indian	O
Satish	B-Protocol
Kumbhani	I-Protocol
,	O
American	O
Glenn	O
Arcaro	O
who	O
served	O
as	O
Bitconnect	B-Protocol
's	O
lead	O
national	O
promoter	O
in	O
the	O
United	O
States	O
from	O
August	O
2017	O
to	O
January	O
2018	O
,	O
and	O
Future	O
Money	O
LTD	O
,	O
a	O
company	O
Arcaro	O
created	O
to	O
lure	O
into	O
Bitconnect	B-Protocol
's	O
lending	O
program	O
.	O
</s>
<s>
The	O
SEC	O
alleged	O
that	O
Bitconnect	B-Protocol
defrauded	O
U.S.	O
investors	O
a	O
total	O
of	O
$2	O
billion	O
.	O
</s>
<s>
On	O
October	O
28	O
,	O
2017	O
,	O
Bitconnect	B-Protocol
held	O
its	O
first	O
(	O
and	O
only	O
)	O
annual	O
ceremony	O
in	O
Pattaya	O
,	O
Thailand	O
.	O
</s>
<s>
During	O
the	O
event	O
,	O
an	O
investor	O
named	O
Carlos	O
Matos	O
from	O
New	O
York	O
City	O
gave	O
an	O
exuberant	O
presentation	O
and	O
testimonial	O
about	O
the	O
website	O
,	O
which	O
included	O
him	O
intensely	O
screaming	O
"	O
Bitconnect	B-Protocol
!!	O
"	O
</s>
<s>
Both	O
Matos	O
 '	O
meme	O
and	O
the	O
questionable	O
practices	O
of	O
Bitconnect	B-Protocol
were	O
profiled	O
by	O
John	O
Oliver	O
and	O
Keegan-Michael	O
Key	O
on	O
the	O
program	O
Last	O
Week	O
Tonight	O
.	O
</s>
