Bitconnect issued a press release stating that its lending and trading platform was closing. We denounced this scam in an article soberly titled "BitConnect, the biggest Ponzi pyramid of all time? Written by an independent editor wishing to remain anonymous. It is now done, the platform closes, and the last ones go back empty pockets.
The Bitconnect press release
«Upcoming changes for the Bitconnect system - Stop the loan and exchange platform
This release is intended to inform all members of the community that we are closing the Bitconnect Loan and Exchange Platform. We immediately close our loan system and we release all outstanding loans. [...] We transfer all the balance of your loan portfolio into your BitConnect wallet at a rate of 363.62 USD per BCC. This rate was calculated based on the average of the last 15 days of the closing price recorded on coinmarketcap.com. You are free to remove your BitConnect assets whenever you want in the QT portfolios you use. We will also close the BCC exchange platform in 5 days. In summary, we are closing the lending and exchange service, but the BitConnect.com website will remain functional and serve as a portfolio, news site and learning site.
The stopping of the loan and exchange platform is due to the following reasons:
The ongoing bad press has made community members feel uncomfortable and has created a lack of trust in the platform.
We received two letters of termination and forbearance, one from the Texas State Securities Board and the other from the North Carolina Secretary of State Securities Division. These decisions have become a legal obstacle to the continuation of the platform.
External forces repeatedly conducted DDos attacks on the platform and made it clear that they would continue. These interruptions of service made the platform unstable and created a situation of panic in the community.
Closing the loan and exchange platform does not mean that we will stop supporting the BitConnect coin. The closure of the loan platform will allow Bitconnect to be listed on external exchanges, which will give it more options to exchange it.
We will continue to work to make BitConnect Corner available to commercial sites by providing them access to our API to accept BitConnect Coins on their platforms.
BitConnect X ICO is still functional and we are building a trading platform on the BitConnect X website. With BitConnect X as an exchange platform BitConnect Coin (BCC) will be listed.
This is not the end of this community, but we are closing some of the services on the website platform and we will continue to offer other cryptocurrency services in the future.
Best regards,
The BitConnect team »
The reaction of the price following the announcement of Bitconnect
The price has strongly reacted following the announcement, losing in a few hours more than 90% of its value. Unfortunately, few data are available to analyze this fall since as a reminder, the BCC was mainly side on the Bitconnect marketplace.
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