Indian authorities have seized nearly $190 million in cryptocurrency linked to Bitconnect in an ongoing investigation into a crypto Ponzi scheme that busted in 2018, resulting in losses of around $2.40 billion to 4,000 investors in 95 countries. Bitconnect, which launched in 2016, collapsed in 2018. It is reported that Bitconnect founder Satish Kumbhani (who was charged by the Department of Justice in February 2022) established a global network of promoters, paying them commissions to promote Ponzi schemes.