Bitcoin Forum

https://thenextweb.com/hardfork/2018/01/16/bitconnect-shut-down-closed/

Following months of red flags, Bitcoin investment platform BitConnect – which has long been suspected of running a Ponzi scheme – has officially announced its platform is shutting down.

In a blog post – titled “Changes coming for the Bitconnect [sic] system – Halt of lending and exchange platform” – released on its official website, the company said that is “closing the Bitconnect [sic] lending and exchange platform.” The website has since gone down.

The statement goes on to suggest that BitConnect will now operate solely “for wallet service, news and educational purposes.”

“We are closing the lending operation immediately with the release of all outstanding loans,” the statement read. “With release of your entire active loan in the lending wallet we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD [sic].”

This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcap.com,” it continued. “You are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well. We are also closing BCC exchange platform in [five] days.”

“In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes,” it ended.

Those interested to see the full statement can refer to a screenshot captured by independent Twitter sleuth @BCCPonzi, who has been documenting the investment platform’s shady business for months.


% (24h) -85.14%

Finally, we will see some Scam project go from top20 to ZERO in less them one week. This is great for the cryptocurrency and to anyone that believes in a new economic system. We need that more scam projects fail.

XRP is on the chopping block next, for manipulation and collusion.

This is exactly what many experts and experienced persons in cryptocurrecies had predicted. Finally it came to true.

Just the matter until another similar ponzi coin just like bitconnect such as regal coin and hextra will be doing the same as what already did by bitconnect in the future, I've warned those are using bitconnect service in so many times. My hope that they can learn a lot from there to not believe with such ponzi coin just like bitconnect.

Anyone could have predicted this, everyone did predict this. No need to be an expert or veteran...

Next ones to tank will be Tether, TRX, Cardano and XRP. The first because it's a scam and the last 3 because people were only buying into them because of hype. Wouldn't be surprised if EOS fell off from top 50 as well since it still doesn't even have a product and is worth nearly 6 billion? Lol

*Enters the dragons den*

Hi, I'd like to sell a crypto currency made by a great developer, it hasn't started yet and no one knows what it'll look like but we promise it'll be great.
Dragon: Ok what assurances are we going to get and how much do we need to invest for a stake?
Me: I'll give you 10% for 600million, you'll get some magic tokens until we actually make something. Until then you can trade your tokens with others!
Dragon: What if no one else wants to buy the tokens because they're not tied to any actual business model or product?
Me: Lalallalalaa I can't hear you Hype hype hype just buy it

Totally agree.

So glad right now that I have 70% of my porfolio in BTC and NEO.

Many people in this website knew that the coin wasn't going to last that long, why are people so surprised about the price?

Thats a good news,new investors coming in wont be victime by this ponzi scheme,less people will suffer to their greediness they should be sued by all of their victims.

and they want to make an ICO i just saw when visiting their website.
BCCX = BBCeXtra = BBC round 2 = we hope to find some new victims

There are news spreading within bitconnect community that bcc and btc left in your account (if you have one), you will be able to withdraw it. I do not know how credible this news is, but hopefully, because I put on a little investment.

It's good new because cryptocurrency must not be a ponzi scheme like BitConnect. BitConnect distributed nothing to Blockchain and cryptocurrency world, Thank God it dead now.

I really do not get how ppl thought this was legit at any point in time.  ???
All the red flags were there, any authority in the Crypto community shouted against it as well.

Scammers deserved to be hang to death,hard earned money of the people are being steal by these thieves.
Ive heard Bitconnect ponzi scheme received a lot of cease and desist in the U.S and today it is now officially closed

Probably founders are celebrating to what they have stolen,billions of dollars from the poor people.

Maybe this is one of the factors affecting the market crash. BCC owners cash out all their money to fiat and run away.

Emm, am I the only one who see wrong rates on their website? 1 BTC = $10386.4 | 1 BCC = $218.9063
BCC is a great lesson for those who want to get free money for nothing. In one moment it is tradable on some exchanges and have some illusion of a good price but on the next moment it loses everything in a moment. Right now it is  -93.57% for the last 24hrs. It is still going down since the topic was started.

XRP already won't drop that mutch simply because It already lost most of its "hype value". It can not be compared to BCC scamcoin.

I've heard that what you say it's somewhat false, not all, but I've heard that bicconnect got hacked by a group of hackers, looks like someone is keeping us safe?

when they lunch their BitconnectX ICO, i knew something is not right. you have a coin, i went to raise ICO for another new coin, is red sign for scam. they use the funds generated from BitconnectX ICO to settle bitconnect members.

Unbelievably, their ICO BCCX coins are selling out within minutes. It seems that people still trust and believe in the system of bitconnect even though their lending platform has been stopped.

We all knew it from the start that Bitconnect lending and exchange platform will shutdown/disappear soon because it is a ponzi scheme with its referral system and unbelievably interest and daily bonus. It is just that there are still some people that believe that it is best time to buy Bitconnect while the price dropped 87%, believing that it will recover soon when the cryptocurrency market recovers. Now the developer of this project have this new ICO for their Bitconnectx trading platform that is really over priced, and people are still buying it.

It's shit like this that causes people to stereotype and put crypto in a negative light, saying they're all ponzi schemes

There were lot of famous crypto youtubers pumped bitconnect. Companies like bitconnect cannot exist if crypto is going to thrive. Ponzi schemes always disappear after crash. Sympathy for people who lost money.

Hopefully the authorities go after all of those YouTubers who were promoting Bitconnect.

Bit(dis)connect is/was a pure ponzi scheme and dangerous for new investors into this coin, I saw in coinmarket cap that the price of bitconnect has changed and crashed dramatically which causes a huge panic into the whole crypto world by making all of the coins (except few) all red, and at this phase we should be very clever and not sell our coins because banks and rich people are buying and as we see today the price has been increased a bit and most of the coins in the page one in marketcap are green.

From 500 USD to 45 USD in less than a week. :)

I don't think when BitConnect is shutting down their Lending role does mean it's coin value will become nothing.
I'm one of the luckiest guy who have a best chance that I bought 60 BitConnect coins while on its cheapest state a cheap as $7 last 24 hours and now it pumped back into $80 so what you guys think of my investment? Do I need to sell it off and wait for another dip?

I bought some of BitConnect coins a cheap as $7 and now I'm gonna decide whether sell them or hold little longer because I do have really good profit because I'm a very lucky investor yesterday due to the sudden drop from $400 down to $7 and after a day it gone up back to $80 as of this writing.

Instead of investing in lending companies, you can go and invest your money into some project for investment platforms. Take a look at Savior Investments (SAVI) and you will see you will earn a realistic profit with investing your money and not lending it in some Ponzi one.

Feel so sad to those people who invested in this bitconnect lending, many of my friends join this lending system and i feel sorry for them for their loss!
warned them before that once bitconnect get an issue and there's no investor to come this project will go down and run away, i hope bitconnectx or some sort of their company will still be on to solve the problem and at least give back the money to those people!

It's sad how many projects are intentional scam and also how naive people can be. Often they are just after profit, greed gets over common sense and at the end they end up as scam victims.
Always do the due dilligence.

Where did those people think all that money was coming from, all it needed was a btc correction to stop the whole scam.

and the price of this coin is going up again. unbelievable!

Yes, it seems that this is the end of the story . But for many an unhappy ending . Sorry for the people who invested their money in this project

It is all manipulation the market. You can put sell order with high rates in the market and then put the buy order with higher one, and then the token will go up in seconds

Finally this has happened! It´s a shame that these kinds of platforms exists. They do big harm to the whole cryptocommunity and making those falses promises to the people are one of the main reasons we are in a bubble state. I don´t fear a bubble popping at all anymore, it will just wash away these scams and shitcoins and will make the market more serious and reliable. Sorry for those that invested because they trusted a relative or a friend though but really happy for those that knew what Bitconnect really is and still intentionally invested and hopefully got burned really hard.

It was a huge blow for investors

This project originally looked like a scam. That is, buy and sell immediately on take-off. But it seems that this is so fraudulent that they did not give anyone any money except developers. It did not look like a project in which to invest money. It was a completely dirty game.

The lawsuits have now started.

According to the following thread, Trevoe James and Craig Grant have been summoned to appear in court by American prosecutors:

https://www.reddit.com/r/CryptoMarkets/comments/81mg7m/bitconnect_lawsuit_has_begun_craig_granttrevon/

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