BitConnect closes cryptocurrency exchange and lending platform, token loses 90% of value in 1 day
After being long suspected of running a Ponzi scheme, BitConnect has announced that their cryptocurrency exchange and lending platform will be closing down.
were listed on the platform's official website: bad press over the Ponzi scheme claims, prominently promoted by Ethereum founder Vitalik Buterin, two cease and desist letters from the Texas State Securities Board and the North Carolina Secretary of State Securities Division, concerning the secrecy of the platform's practices, and DDos attacks from outside sources that regularly interrupted the service.</p><p>Although the website has since gone down, BitConnect will still operate as a "wallet" and an educational news website. The BitConnect coin will also still be available to "merchant websites," which will be provided API access to accept the coins of their platform. BitConnect X ICO is also still functional and its website also has an exchange platform in the works.</p>