Earlier this month BitConnect traded over $425 and was worth more than $2.6 billion.
Fast forward just a couple of weeks and it’s now trading below $6 and worth less than $50 million.
So what happended?
Well, if you did any sort of research you knew BitConnect was a ponzi scheme. There’s been no shortage of articles like here and here and here.
Even if you missed those you could have gotten out alive. The first warning shot came on January 6 when Texas issued a cease and desist to BitConnect. BCC still traded over $400 at the time.
Then BitConnect got a second cease and desist letter, this time from the North Carolina Securities division. That was around January 11 and even then you could have gotten out around $300.
Then yesterday BitConnect announced it had to close down its lending and exchange platform after being pressured by regulators. The chart below tells the story.
The lesson here is to do your due diligence and avoid the scams!
and trade cryptos on Binance