BitConnect, once one of the leading cryptocurrency projects, has finally ceased its operations, effectively closing the lending program and the crypto exchange of its own. BitConnect Coin has lost over 90% of its value during the last 24 hours. The coin that was worth more than $440 in December 2017 is now traded at around $15.

“Bad press” and legal hurdles have been cited by the company officials. The real reason may very well be different, however, as the company engaged in Ponzi scheme-like activities. The project has been called a scam more than once by cryptocurrency experts, including Vitalik Buterin.

BitConnect, for a long time accused of perpetrating a Ponzi scheme, has finally seized its operations. The company has closed its lending platform and cryptocurrency exchange citing the most recent legal troubles and “bad press”. BitConnect has received cease and desist orders from both Texan and North Carolina officials. Members of the crypto community, including Vitalik Buterin, have expressed their concerns in the company long before the incident.
“In short, we are closing lending service and exchange service while website will operate for wallet service, news and educational purposes,” says the official statement. Company officials might have other reasons for a suchlike decision.

BCC witnessed a severe crash during the last 24 hours

A multi-level referral system with “guaranteed 40% profitability” and the company’s inability to pay off its debt may very well be the real motivation behind the closure. This information, however, is not yet confirmed. The promise of high risk-free returns is a perfect indication of a scam.

BitConnect Coin (BCC) has lost 91% of its value in under 24 hours and is now traded at around $23, down from all-time high of $496, observed in December 2017. Company officials have nonetheless stated that the ongoing BitConnect X ICO will continue.

With just another huge project losing what was left of its credibility, the future of the cryptocurrency industry remains hazy. The cryptocurrency market has lost over $313 billion over the course of only ten days, contracting 37%.


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