Bitconnect has formally closed its lending platform and cryptocurrency exchange following warnings from Texas and North Carolina regulators. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its December 29 high of $437. At press time, BCC is trading for just $30.
Ponzi-like
Many in the digital currency community have called Bitconnect a Ponzi scheme, including Ethereum founder Vitalik Buterin, according to TechCrunch. Such accusations were based on the multi-level referral system and the promise of up to 40% earned interest, plus a daily bonus of up to 0.25% per day, on each loan. The promise of risk-free high returns is often typical of a scam - if it sounds too good to be true, it probably is.
Bitconnect Coins website describes the currency as:
The moment you acquire BitConnect Coin it becomes an interest-bearing asset with 120% return per year. It is that simple.
Unfortunately for investors, that interest-bearing asset is now nearly worthless.
https://cointelegraph.com/news/bitconnect-closes-virtually-its-entire-operation-bcc-token-drops-87Yes i am grateful that this ponzi scheme finally come to an end,the people behind this should suffer to death,this is the biggest scam in crypto history.