BitConnect has officially announced it will shut down

After the sudden decline of Bitcoin, one of the most talked about and preferred investment tools of recent times, the BitConnect platform announced that it will officially close.

BitConnect lending and exchange, which has long been suspected of being a pyramid scheme, platform announced that it will be shutting down. The company announced this statement to its users on its official website.. After the blog post titled “Changes coming for the [sic] system – Halt of lending and exchange platform” published on Bitconnect’s official site, it was written that the platform will be shut down, the site went down.. The statement also stated that Bitconnect will now operate only for “wallet service, news and educational purposes”.. “We are closing the lending process with the release of all outstanding loans,” the statement said.. The platform operated through a token called BCC, and BCCs became useless after the site went down.. BCC token dropped from $200 to $30 in a few hours. The platform also offered its customers a 5-day period for transaction cancellations.

Bitconnect will continue to offer other services

According to the statement, the company will continue to offer other crypto services for the future.. In addition, the company announced that it was shut down due to bad news about the platform, warnings from Texas and North Carolina, and constant DDos attacks, according to the statement published on its official site.

According to Coinmarketcap data, once promising cryptocurrency BCC. Its price plunged 80 percent to $18.68 after the company announced it was ending its foreign exchange and lending business amid legal issues with U.S. regulators.

Lee had refused the investment

Litecoin creator Charlie Lee , announced in December that it refused to invest in BitConnect, it looked like a classic Ponzi scheme (pyramid scheme).. A month ago, Ethereum founder Vitalik Buterin also stated that he thinks BitConnect is a ponzi scheme.