Bitconnect Closes Virtually Its Entire Operation, BCC Token Drops 87%

Bitconnect has formally shut its lending platform and cryptocurrency exchange following notices from Texas and North Carolina controllers. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its December 29 high of $437. At squeeze time, BCC is exchanging for just $30.

Ponzi-like

Numerous in the digital currency group have called Bitconnect a Ponzi plot, including Ethereum organizer Vitalik Buterin, as indicated by TechCrunch. Such allegations depended on the multi-level referral framework and the guarantee of up to 40% earned enthusiasm, in addition to a day by day reward of up to 0.25% every day, on each advance. The guarantee of hazard free significant yields is frequently run of the mill of a trick - on the off chance that it sounds pipe dream, it most likely is.

Bitconnect Coin's website depicts the currency as:

<< The moment you acquire BitConnect Coin it becomes an interest-bearing asset with 120% return per year. It is that simple. >>

Shockingly for investors, that "interest-bearing asset" is currently almost useless.