Indian authorities seize loot from collapsed BitConnect crypto scam www.theregister.com/2025/02/1…

Indian authorities seize loot from BitConnect crypto-Ponzi scheme Devices containing crypto wallets tracked online, then in the real world India’s Directorate of Enforcement has found and seized over $200 million of loot it says are the proceeds of the BitConnect crypto-fraud scheme.

BitConnect claimed it developed a bot capable of detecting and exploiting volatile cryptocurrency prices in ways that delivered investors monthly returns of 40 percent. To get those (spoiler alert) too-good-to-be-true returns, investors were asked to sign up for a “lending program” that required them to send cryptocurrency to BitConnect, which would run its amazing investo-bot and deliver astronomical returns.

In 2022, the U.S. Securities and Exchange Commission alleged the scheme was a scam akin to a Ponzi scheme as investors’ cryptocurrency was funneled into wallets controlled by BitConnect founder Satish Kumbhani and promoter Glenn Arcaro rather than being invested as promised.