PANews reported on February 16 that according to Cointelegraph, Indian authorities seized nearly $190 million in cryptocurrencies related to Bitconnect during an investigation into a global Ponzi scheme uncovered in 2018. Indian law enforcement also seized 13,50,500 Indian rupees (about $15,582), a sports utility vehicle (SUV), and electronic devices during raids on February 11 and 15. The seized assets belong to Bitconnect's accomplices, and the company allegedly caused 4,000 investors in 95 countries to lose about $2.4 billion. Bitconnect was founded in 2016, but collapsed just two years later.