>"Alleged crypto Ponzi scheme BitConnect shut down in 2018, but regulators have finally drawn a settlement from some of the defendants."

"The SEC has reached a settlement with some of the promoters behind BitConnect, an alleged cryptocurrency investment scam.BitConnect reportedly raised some $2 billion by selling tokens, which were later deemed to be illegally unregistered securities.''

BitConnect launched in 2017 was widely considered to be a Ponzi scheme, promising significant returns to investors and rewarding those who brought other investors into the program. It even used a pyramid-like diagram to explain the scheme to prospective investors, and its BCC token reached a peak market cap of $2.6 billion at a price above $400 per token. Regulators began circling in late 2017, however, and BitConnect closed down in January 2018 following cease and desist orders from regulators in both Texas and North Carolina. The price of the token collapsed soon thereafter and fell below $1, effectively wiping out the market and leaving investors with near-worthless digital assets.

In its May complaint, the SEC alleged that the project raised approximately $2 billion by selling the BCC tokens, which were deemed to be illegally unregistered securities. Per that filing, Jeppeson reportedly received more than $2.6 million worth of compensation from BitConnect, of which he transferred more than $500,000 to Mascola, while Noble received compensation of at least $480,000.