Bitconnect has been renowned as one of Cryptocurrencies biggest ponzi schemes going. Most in this space have just been waiting for the whole platform to collapse. Well it seems that time maybe upon us?
A new press release has just been issued by Bitconnect.co:
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.
They go onto list a number of reasons for this sudden closure of it’s lending platform:
- 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.
BittconnectX is basically their exit plan?
Although this is merely speculation, one would assume that the upcoming BitconnectX ICO is the exit plan for the Bitconnect elite.
Information is sparse at present but as soon as more details come through we’ll let you know!
Since the news Bitconnect’s market value has plummeted over 85%, commiserations to anyone who was still invested in this blatant scam, no one deserves this: