BitConnect dies

Not surprisingly, BitConnect has decided to shut down its lending “services” after months of running what was effectively a Ponzi scheme. The company attributed its shutdown not to the fact that it was plainly unsustainable, but rather to bad press, cease and desist letters that originated from two US states, and DDoS attacks.

We are closing the lending operation immediately with the release of all outstanding loans. With release of your entire active loan in the lending wallet we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD. This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcap.com.

You can probably imagine the affect this news has had on the BitConnect token, which is now effectively worthless. The coin has tanked from a peak of over $400 around the end of December 2017. Now, the token is trading at $10-$20 and has very little liquidity, according to data from CoinMarketCap.

Hilariously, BitConnect says that its BitConnect X ICO is still going to happen. The group says that it’s “functional” and that they are “building an exchange platform” where the BitConnect Coin (BCC) will be listed. They close by saying that this is “not the end of this community.” Comedic.

On that note, let’s watch as the most obvious Ponzi scheme ever make itself plainly obvious for all the world to see — and yet some still bought in with their life savings.