BitConnect Closes Exchange, Halts Lending Platform
In a blog post published yesterday, BitConnect announced they are closing down their exchange and also their lending platform.
This is to inform all community members that we are closing the Bitconnect lending and exchange platform. We are closing the lending operation immediately with the release of all outstanding loans.
Recently, BitConnect received two "Cease and Desist" orders from local regulatory authorities.
At the moment of writing, BitConnect (BCC) was listed at $16.07 USD on Coinmarketcap, posting a loss of more than 90%.
Interestingly enough, the price calculator on the BitConnect website listed the token at around $223.
The lending platform of BitConnect and the "cult-like" approach to attracting new members were at the core of many accusations of it being a "Ponzi scheme". Many of these accusations also spread, by contagion, to other cryptocurrencies, leading to a distorted perspective on the entire crypto phenomenon.
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If you kept your bitcoin you would make 10 times more money than bit connect :))
If you whuldn's be smart you would know that Caritas was in Romania and Ponzey was in America, then Bit connect was in the world.
Obvious scam is obvious...
bitconnect exchange not working
You're so nice for commenting on this post. For that, I gave you a vote!
I'd heard it was scamny and never invested. We need a winnowing of the coins to filter out those that are not useful. Natural selection should favour those with real innovation and not just hype, but it's hard for investors to tell the difference
Do you recall the most vocal members here warning against Bitconnect?
I don't remember who said it, but I'm sure it was more than one person
(BitDissConnect) ;-)
Any one has some names handy, who were the most vocal that something is not right with Bitconnect? If so, share :-)
About time..
This is the first of probably many crypto-projects that are presumably going to vanish in the next few months. To me this is a good thing for the whole cryptosphere and I hope none of you guys have lost money because of this news...
I hope for those who lost their money, to make profits in other altcoins in near future.
Do you think it's the fall in bitcoin that made them finally shot down or is it that the exchange isn't sustaining the lending program anymore?
It's because of the cease and desist orders, they were shut down.
Amazed it lasted so long - I did join the platform just to arbitrage the price difference on livecoin when the BTC fees were slightly more reasonable. So, thanks whoever removed that disparity hope you are not rekt