2 days back, I posted an article which summarizes my experience on the bitconnect platform with $100 investment. Even while investing as little as $100, I was very skeptical on this platform. Obviously, I had trust issues!
Today morning, Bitconnect officially announced that it is shutting down their lending and exchange services! Yes, you read it right! This was annouced right in their website.
But why?
1. Bad Press
2. They received two cease and desist letters, one from Texas State Securities Board and one from North Carolina Secretary of State Securities Division. These have become a roadblock for the legal continuation of the platform.
3. DDoS attack from past couple of days have made the platform unstable and caused a lot of panic in the community.
Bitconnect has officially told that they will release all of your active loan/investment into your lending wallet and from there to your Bitconnect wallet @ $363.62 (This rate is calculated based on last 15 days average of the closing price registered on coinmarketcap.com), which you can cash it out bitcoins. They are valuing the bitconnect 100% more than the market's value. So, for all the bitconnect investors out there, dump the bitconnect coin as soon as you get it. Who knows whey they might lose value completely!!
Yes, they shut it down!! Was this their exit strategy all along? Let me know what you guys think about this!!
Official Link!
https://bitconnect.co/system-news/94/changes-coming-for-the-bitconnect-system-halt-of-lending-and-exchange-platform
