Altcoins

BitConnect ponzi scheme collapses, thousands lose money

Unfaithful Things

From the very beginning BitConnect was too good to be true and eventually it has met with its fate as the ponzi scheme has finally collapsed in the wake of recent slump in prices.

BitConnect had lured thousands of cryptocurrency enthusiasts and when its prices reached $400, some even managed to earn some profit, but the BCC saga didn’t end well as it has finally met with its demise. The price of BCC fell from $400 to measly $27 and this effectively wiped off almost all the value that the crypto had.

The native exchange has closed its doors and the subReddit is turned to private. Good riddance, according to many cryptocurrency enthusiasts!

The massive price decline indicated that the developers have finally completed their grand exit scam and may have even used their ‘stolen’ Bitcoins to crash the current market. We do not completely believe that BCC developers were able to pull out such a massive price decline due to their sell off, but they did have control of a lot of BTC and their sell-off could have had an impact.

BitConnect users had been warned a number of times that BCC has all the characteristics of a ponzi scheme and anyone who lost money due to BitConnect only has themselves to blame. It is a harsh reality, but that’s what people get for falling for snake oil practices.

BitConnect is gone for good now, but there have been indications that developers may have come up with a new “investment program” – bitconnectx.co and it has all the indication of yet another ponzi scheme.

About the author

Carol Harris

Carol Harris

Carol has over 6 years of experience in online news industry. She started out as a content writer for a number of news organizations around the world, eventually landing the job of editor at Bitcoin Journal.

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