Satish Kumbhani: BitConnect's Phantom

"Hey hey heyyyy! Wassa wassa wassa BITCONNEEEECT!" Carlos Matos screaming at a BitConnect conference became one of crypto's most iconic memes. But behind the meme was a very real $2.4 billion Ponzi scheme, and behind the Ponzi was Satish Kumbhani - an Indian national who quietly ran the operation while the promoters soaked up attention.

BitConnect launched in 2016 as a "lending platform" that promised 40% monthly returns through a proprietary "trading bot." There was no trading bot. It was a classic Ponzi - new investor money paying old investor returns. The BCC token reached a market cap of $3.4 billion and was listed on major tracking sites alongside legitimate projects.

In January 2018, after cease-and-desist orders from Texas and North Carolina regulators, BitConnect announced it was shutting down its lending platform. The BCC token crashed from $430 to under $1 within days. Billions in investor funds were wiped out instantly.

Kumbhani was indicted by a US federal grand jury in February 2022. The only problem: nobody can find him. He was last believed to be in India, but US authorities have been unable to locate or extradite him. Meanwhile, promoter Glenn Arcaro pleaded guilty and was sentenced to 38 months. Other promoters received various sentences.

The FBI and DOJ are still looking for Kumbhani. BitConnect remains the crypto industry's most famous Ponzi - not because it was the biggest, but because Carlos Matos made it the most memed.