BitConnect Pulling an Exit Scam? BitConnect Shuts Down Lending & Exchange Services. Price Plummets!
Many people saw this coming and warned people about it too; except a few YouTubers who had referral links to shill. If you saw this post on BitConnect by @transisto almost two weeks ago, you must have seen the end coming too.
From $491 a month ago to under $20 today, BCC has lost it.
The price went under $20 briefly.
The BitConnect website had such a rush to it that users were unable to login to sell their coin for some value and make financial transactions.
This is what users saw for hours.
An official statement on BitConnect website read.
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. 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 are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well. We are also closing BCC exchange platform in 5 days. In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes.
Read more via the link above. At the time of @transisto writing the post, price of BCC was $428.6 and see where it is now. Also watch the video below to know what happened.
PS: Make your decisions carefully if you are invested into BitConnect coin or platform.
Thanks dear for updating us because right information is very important to take right decisions. Thanks for your quality post.
Thanks for feedback.
@craig-grant what is happening? One of the biggest pushers of Bitconnect here, I'm sure he has more info.
the Ponzi scheme blew... that's what happened :D
I want to hear craig say it. He's come back to Steemit. See his blog history.
I see! Would be fun!
He and another YouTuber have a lot to answer for.
Bad news..BitConnect screamed "ponzi scheme." But they knew how to promote: videos with "Craig Grant" popped up all over YouTube anytime I did a search for "bitcoin" videos. Hopefully I'll never have to see his face again.
People are blaming two YouTubers (also Steemians) for promoting BitConnect and are demanding an action against them. I think the demand is fair and they should be liable to punishment.
It does make me itch also. I hope action is taken in bigger numbers.
I haven't spoken openly about it but I have lost at least $1000 in an ICO scam last week. Such things going unchecked and money gone forever worries me. Cryptosphere cannot afford to let it happen.
Safe bet is to only invest on the people. If the team behind is shady or not rop notch just stay away until the ico model Vitalik came up with recently starts being used.
Well now bitcoin has such a big downfall and the market is red bitconnect can´t make money so this was coming down at one point
Quite a lot of drama going on. Furthermore, the BitConnect crash means more damage to the market.
Dang, what a sad story, always did not like their logo, and may the forebodings were not good ...
The saddest part is that so many people have lost.
Thanks for informaing.
already it looks like scam scheme.
@qami
Welcome. It was always a scam.
Bitconnect is one of the first major altcoins to go, I wonder which one will be next :(
The next one will be another scammy ponzi scheme perhaps. Or a coin with no real world use case.
Thanks for sharing...I was considering getting on Bitconnect!
Lucky you!
Thanks dear sharing this informative and valuable now psot I always see your post
Thanks for feedback.
I agree with you fullly.@upvoted and @resteemed
Thanks