On February 22nd Baltazar Avalos filed a proposed class-action lawsuit against BitConnect.

In the lawsuit Avalos sought to hold defendants BitConnect, Joshua Jeppesen, Glenn Arcaro, Trevon Brown (aka Trevon James), Ryan Hildreth, Craig Grant, Nicholas Trovato (aka CryptoNick) and Ryan Maasen liable for $110,000 in losses.

On March 14th Avalos informed the Californian Northern District Court he was voluntarily dismissing the case.

Why Avalos has opted to dismiss his case is not stated in the filing.

The dismissal was recorded without prejudice however, meaning Avalos is free to refile at a later date.

Outside of being paid off (which would be strange given the number of BitConnect class-actions in play), I think it’s likely Avalos will at some point join one of the remaining six filed class-actions.

Either that or he knows something we don’t!

In related BitConnect news, yesterday saw Trevon James testify before the South Carolina Securities Division.

Short of James revealing details about the hearing, it is unlikely we’ll learn anything further regarding the case until authorities file a complaint.

Specifics of the regulatory investigation into BitConnect are yet to emerge. At this point all we know is the FBI are involved and by proxy likely the DOJ too.

Stay tuned…