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!
(BitDissConnect) ;-)
Any one has some names handy, who were the most vocal that something is not right with Bitconnect? If so, share :-)
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...
About time..
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
I am here to admit I invested in bitconnect even though deep in me I knew it was a scam. Greed will blind people's eyes. I am lucky to have only invested a little in the platform, but still a decent size loss considering how much crypto I own in total. My feeling was FOMO- fear of missing out as I am one of those crypto investors that started late. However common sense was to not go all in but go in on what I was able to afford to lose if the investment had fail.
A lot of financial mistakes I made is mostly because I never had or followed through with an exit plan. It is always important to remind one self what the investment outcomes are before investing. This is how you realize what the risks and rewards are. Too much risk may hopefully hinder you from investing beyond your means.
I tried logging on and exchanging the bcc that bitconnect forced me, and probably all users, to buy at rate of $322 a coin. The internal exchange is currently not working and not sure when it will work. I could not even extract the bcc out of the website. I will try again later and post my results. Thanks.
Good luck and I hope you get at least some back!