Bitconnect officially closed its lending platform and its cryptocurrency swap following warnings from Texas regulators and the North Carolina. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its high of $ 297 in December. At the time of going to press, BCC is trading for only $ 30
Many members of the digital currency community have called Bitconnect a Ponzi scheme, including the founder of Ethereum Vitalik Buterin. These charges were based on the tiered reference system and on the promise of an interest earned up to 40%, plus a daily bonus of 0.25% per day, on each loan. The promise of high risk-free returns is often typical of a scam – if it sounds too good to be true, that's probably the case
The Bitconnect Coin website describes the motto as follows:
"By the time you acquire BitConnect Coin, it becomes an interest-bearing asset with a return of 120% per annum.It's as simple as that."
Unfortunately for investors, this "interest-bearing asset" is now almost worthless.