The world famous lending and exchange platform, has announced it will shut down.
The Bitconnect exchange platform has announced that they will be shutting down. It has been suspected to be a Ponzi scheme for a long time. An official release on their websites states that this and the continuous DDoS attacks lead to this action.
Bitconnect says that they are refunding all loans at a rate of 363.62 USD per BBC* (average price of the last 15 days). However, the price now is 40$ per token (it dropped by 86% in the last 2 days).
Many people are suffering severe financial losses right now. The BBC Token is now basically useless, due to the fact that the marketplace shut down.
*BBC are tokens which were used on the site
My Opinion
I always thought that it was some kind of Ponzi Scheme. Making so much money for doing nothing is ridiculous.
Whether it's actually because of the reasons that they stated or some other reason, such as it really being a Ponzi Scheme, it will be shutting down and there is nothing we can do about it.