Bitconnect announces its shut down when the crypto market is taking huge falls and turning bloody. The website says that it is closing immediately closing its operations and will release the outstanding loans soon.
Regards the loans transfer Bitconnect stated that,
“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.”
After the shutdown announcement, the tokens prices caught fire and turned from $180 to $24. Many of it users have suffered losses be it in fiat, or Bitcoin equivalent.
Number of expert have named it as ponzi scheme. Litecoin’s Charlie Lee tweeted,
“Turns out it was a ponzi after all. Sorry for those that got caught up in this. Ponzis work because people are easily fooled.”
The sad about a ponzi scheme is that it is marketed through social media via references.
Bitconnect says it will continue to support BitConnect Coin., but with its tokens’ prices falling at such drastic rate, it is difficult to have any confidence or investments in BCC for now.