BITCONNECT (BCC) - ACCUSED OF BEING A PONZI SCHEME- SHUTS DOWN

in #bitconnect7 years ago

It has been a terrible week for cryptocurrencies. Almost every major cryptocoin has lost value in double-digit percentages. Well folks, the bad news keeps rolling in.


From a recent post on their website titled "halt of lending and exchange platform" as of earlier today.

Bitconnect placed the blame on three things:

  • Bad press
  • DDoS attacks
  • Cease and desist letters from Texas and NC

To many, the news comes as no surprise. For months the exchange has been marred with accusations of running a Ponzi scheme. Back in November of 2017, Etherium's founder Vitalik Buterin posted a video via a Twitter post where he was deeply critical of the practices behind the operating model of Bitconnect.


Prices of the token have plummeted over 80% - from as high as $200 to as low as $37!

For those unfamiliar with the business practices of Bitconnect, think of crypto-pay-day loans. Investors were promised returns of as high as 40% on a $10,000 investment.

Stay tuned for further developments


@sonofthesoil