In a blog post published yesterday, BitConnect announced they are closing down their exchange and also their lending platform.
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.
Recently, BitConnect received two "Cease and Desist" orders from local regulatory authorities.
At the moment of writing, BitConnect (BCC) was listed at $16.07 USD on Coinmarketcap, posting a loss of more than 90%.
Interestingly enough, the price calculator on the BitConnect website listed the token at around $223.
The lending platform of BitConnect and the "cult-like" approach to attracting new members were at the core of many accusations of it being a "Ponzi scheme". Many of these accusations also spread, by contagion, to other cryptocurrencies, leading to a distorted perspective on the entire crypto phenomenon.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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