Bitconnect formally closed its lending platform and its cryptocurrency switch following warnings from Texas regulators and the North Carolina. The Bitconnect Coin (BCC) virtual foreign money is down 87% lately and 93% from its prime of $ 297 in December. On the time of going to press, BCC is buying and selling for most effective $ 30

Ponzi-like

Many participants of the virtual foreign money group have referred to as Bitconnect a Ponzi scheme, together with the founding father of Ethereum Vitalik Buterin. Those fees have been according to the tiered reference gadget and at the promise of an curiosity earned as much as 40%, plus a day by day bonus of zero.25% in line with day, on each and every mortgage. The promise of prime risk-free returns is incessantly conventional of a rip-off – if it sounds too excellent to be true, that is most certainly the case

The Bitconnect Coin site describes the motto as follows:

“By the point you purchased BitConnect Coin, it turns into an interest-bearing asset with a go back of 120% in line with annum.It is so simple as that.”

Sadly for traders, this “interest-bearing asset” is now nearly nugatory.

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