Bitconnect, which has been accused of running a Ponzi scheme, shuts down

[xxcsu]

Bitconnect, which has been accused of running a Ponzi scheme, shuts down

Announcement from they wesite :

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. 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. This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcap.com. 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 5 days.  In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes.

The reason for halt of lending and exchange platform has many reasons as follow:

The continuous bad press has made community members uneasy and created a lack of confidence in the platform.
We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. These actions have become a hindrance for the legal continuation of the platform.
Outside forces have performed DDos attacks on platform several times and have made it clear that these will continue. These interruptions in service have made the platform unstable and have created more panic inside the community.
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.

We will keep working to make BitConnect coin available to merchant websites providing them API access to accept BitConnect Coins on their platforms.

BitConnect X ICO is still functional and we are building an exchange platform on the BitConnect X website. With BitConnect X operating as an exchange platform, BitConnect Coin (BCC) will be listed there.

This is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cyptocurrency services in the future.

Best Regards,

The Team BitConnect

[Acguy]

Shouldn't even be accused because they most definitely are. They even have pictures of a pyramid in their diagrams lol.

[xxcsu]

Im sure a lot of ppl used they "services" and helped them to build that pyramid ...

[nakauten]

LOL,they arent not accused,they are surely a ponzi scheme,most of the people knows that this will happen in the end like what other ponzi schemes are doing they will always find a way to get some excuse for their perfect exit.

[Crypington]

It was a Ponzi, now it is just theft.  They are stealing people’s valuable Bitcoin deposits and replacing them with near worthless BCC coins.  People are getting 5-10% of their BTC balances back.  This should end with Prison time for the people involved. 

[cryptodrei]

Founders should hang to death,stealing people's money to fullfill their greed is the worst thing you can to other's hard earned money these people shouldnt be put into jail kill them all.

[MPulse]

Well, I would love to see what all the BitConnect believers have to say now?

[jackolinyoko]

Founders should hang to death,stealing people's money to fullfill their greed is the worst thing you can to other's hard earned money these people shouldnt be put into jail kill them all.

Should be burned alive infront of the people or air it in television,their souls will surely go to hell,they dont know how many lives theyve destroyed. Families of these people will suffer i hope they will recover from this ponzi scheme.

[kier010]

well they can't deny that they are running ponzi scheme so they just stop their exchange. if they are not running ponzi scheme then they should show proof. a lot of their users would suffer because of this.

[TimtheYoutuber]

They are literally a ponzi scheme and I cant believe people actually fell for this. Extremely sad, I covered the story breifly in my YouTube video : https://www.youtube.com/watch?v=zE3IhsSrAOg&t=0s

[tungcoin001]

What future for BCC?

[zenyfomax1]

god, this does not help the overall crypto market.

i feel sad for the believers, yet satisfied in parts. remember how smug they were, saying how could possibly BCC be a scam because it was going strong and the market cap was in the billions. hah! serves you right.

[wuhanyan21]

Well, a lot of people tried alerting investors but most of them chose not to listen...

[xxcsu]

Well, I would love to see what all the BitConnect believers have to say now?

There is a REAL believer Look at him  

Just hold man easy and dont panic thats the way you earn money bitconnect is a legit company and hold it also and no to scam.

[jackolinyoko]

Well, I would love to see what all the BitConnect believers have to say now?

There is a REAL believer Look at him 

Just hold man easy and dont panic thats the way you earn money bitconnect is a legit company and hold it also and no to scam.

Well let him be a believer,in the end his money will be rekt not ours,i feel sad to this person,literally eaten by ponzi schemes.

[KingScorpio]

Well, I would love to see what all the BitConnect believers have to say now?

sect would have been the better term,

nevertheless calling for police is the wrong thing to do now, since people deliberately invested in crypto, the police isnt really just when it comes to cryptoeconomics

i knew from the beginning that you cant introduce a digital asset with a public tv show and smiles and dancing,

these people are too stupid to handle the greed of state banksters, or were puppets from the early ponzi investors in the beginning,

sad to realise all those sad salary slaves in the entertainment business that have been engaged for this shit

https://www.youtube.com/watch?v=kbR1SXIje1U&t=12s

[Singwala]

I've seen a lot of news on social media. Investors and holders are vulnerable because the BCC has collapsed. Nearly 90% have been dropped and of course the money of investors have fallen. We can not do anything. Let's accept what happened and serve as a lesson for us.

[rommelzkie]

Bitconnect stops its ponzi scheme to save their crypto coin. However, with this action a lot of investor will lose confidence to Bitconnect and other crypto currency with the same startegy as them.

This is the reality of a ponzi scheme.  

https://www.coindesk.com/bitconnect-shutters-crypto-exchange-site-regulator-warnings/