Popular MLM Platform Bitconnect Shuts Down Operations
Game Over!
The company associated with the popular and controversial altcoin “Bitconnect” has issued a statement saying that it will be shutting down all of its lending and exchanging operations.
Bitconnect offered users a lending and exchange platform, which many
believed to be a Ponzi. In recent weeks, cease and desist orders have
been issued to Bitconnect and similar platforms, such as USI Tech.
According to the Bitconnect website, there are numerous reasons for ceasing operations, with many not believing it at all. The following is their statement:
“The reason for halt of lending and exchange platform has many reasons as follow:
- The continuous bad presshas made community members uneasy and created a lack of confidence in the platform.
- We have received two Cease and Desistletters, one
from the Texas State Securities Board, and one from the North Carolina
Secretary of State Securities Division. These actions have become a
hindrance for the legal continuation of the platform. - Outside forces have performed DDos attackson
platform several times and have made it clear that these will continue.
These interruptions in service have made the platform unstable and have
created more panic inside the community.”
Bitconnect Altcoin Crashes by 80%
Upon news of Bitconnect’s sudden exit happening, the altcoin wiped
people’s portfolios. With a 90% price correction, investors were left
totally shell-shocked, with the drama unfolding at the same time as the
cryptocurrency market itself corrected and Bitcoin plummeted below
$10,000.
What Happens Next
Sadly, horror stories are beginning to surface of investors losing
huge amounts of money. While Bitconnect has said all users will be
refunded, it is unclear if it will be at the original price or at the
price it is trading at the time of writing.
Finally...It was a Ponzi Scheme. Of course it had to fail. Trevon and Crypto Nick made off like bandits...all at the expense of their followers. What a way to show fan loyalty.
Trevon's recent video shows exactly how little he learned from his past mistakes.
This guy has something seriously wrong with his brain-stem I swear...
What's amazing is the same damn crypto leeches that were pushing Bitconnect referrals to all their followers have more recently been not only telling those same followers (who got screwed) that they should buy MORE BCC tokens on the dip (to stake a useless crypto)... and are also pitching them referrals for DavorCoin, another massive ponzi scheme that of all things uses the same damn template as Bitconnect did...
I seriously pity for the investors who invested a lot in November and January. really it is a nightmare for him. atlas from now I hope people won't invest in any lending platforms like it.
Bitconnect offered users a lending and exchange platform, which many
believed to be a Ponzi. In recent weeks, cease and desist orders have
been issued to Bitconnect and similar platforms, such as USI Tech.
This is not really a good news for the crypto world. The losses people madeon there portfolio yet it goes to show that the crypto world is not a place for mediocre: in one sense of it, it seems to be a bad news but on the other hands, it shows that the crypto-wolrd is under good regulation and watchfuleyes: mediocrity and dishonest schemes by fraudsters will not survive it and thus Will help build more confidence in people on cryptocurrency as time goes by.