Indian authorities have seized nearly $190 million in cryptocurrency related to Bitconnect in their ongoing investigation into the crypto Ponzi scheme. The scheme was busted in 2018, resulting in around 4,000 investors from 95 countries/regions losing approximately $2.4 billion. Bitconnect was launched in 2016 and collapsed in 2018.

It is reported that Bitconnect founder Satish Kumbhani (charged by the US Department of Justice in February 2022) established a global network of promoters who were paid commissions to promote the Ponzi scheme.