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Bitconnect Shuts Shop
The ticking time bomb just went off as Bitconnect shuts shop for good. The inevitable turn of events finally became a reality on 16th Jan.
Having received warnings from regulators, Bitconnect (the so called "self regulated financial system") halted its operations which include the lending platform & the cryptocurrency exchange.
Authorities from Texas & North Carolina were reported to have issued Cease and Desist notices to Bitconnect. In its post announcing the closure, Bitconnect said that bad press & repeated DDos attacks were the other two reasons, behind the closure.
"Closing the lending and exchange platform doesn’t mean that we will stop supporting BitConnect coin. Closing the lending platform will allow Bitconnect to be listed on outside exchanges giving more options for trading."
The price of Bitconnect token (BCC) took a nosedive and lost more than 90% of its value in less than a few hours.
From yesterday's highest point of $331, BCC came crashing down to as low as $19 per token.
In the past also, many cryptocurrency experts had warned investors to stay away from Bitconnect, as it perfectly fits into the definition of a ponzi scheme.