Bitconnect Scam

Collapse of BitConnect: Biggest Ponzi in Cryptocurrencies History


With all cryptocurrency markets tanking in value, it’s evident there’ll be some massive changes. Specifically, some currencies are virtually crashing to the bottom as we speak. BitConnect, the ill-famed Ponzi scheme, is finally meeting its death, by the look of things. Due to the recent value declines, the worth of BCC dropped by over 80th. Moreover, the native exchange has closed its doors and also the subReddit is turned to private. Good riddance, per several cryptocurrency enthusiasts.

It was solely a matter of time till BitConnect would finally collapse. Thousands of individuals bought into this scam and a few of them could have even made money. Most users, however, most likely never got their money out of this program whatsoever. That’s solely normal, as over 95% of all trades were conducted on the native BCC exchange. Once a currency’s developers also run the main exchange, it’s completely centralized, you know things aren’t always going to end well.

Curtain Call for BitConnect

To put this into perspective, the BitConnect value has dropped drastically. Over the past week, it went from nearly $400 all the way down to $14. Such a steep decline appears to substantiate the developers finally completed their grand exit scam. It’s also possible they used the ‘stolen” Bitcoins to crash the present market. Whether or not that latter part is a conspiracy theory or the sheer reality, remains to be seen. It’s evident the BCC exchange had access to lots of BTC, though. Either way, it appears this Ponzi scheme is gone permanently, which may solely be thought of to be an honest factor.

 

Furthermore, it appears the project’s subReddit ( is not any longer accessible. Instead of leaving it open to the general public, it’s currently fully private. No one who isn’t “approved” can’t access this subreddit or see what’s being posted there. A really worrisome turn of events for the folks still waiting to get their cash out. They were warned dozens of times regarding this Ponzi scheme, though. Anyone who lost cash owing to BitConnect solely has themselves to blame. It’s a harsh reality, however, that’s what folks get for falling for snake oil practices.

Bitcoin Exchange CEX.IO

For now, it’s unclear what the future can hold. It appears the BCC Exchange has also shut its doors for now. This is often additional proof of the villainous nature of this specific “investment program”. It’s a matter of time till the other exchanges remove BCC from their platform, by the look of things. We will only hope not too many folks lost cash as a result of BitConnect. At the same time, it appears likely the team ran off with some dozen million dollars in the end.

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Author and Staff Writer at BitcoinHub. Writing about the latest developments in the Bitcoin and Cryptocurrency industry.

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