The BitConnect Ponzi Scheme Finally Collapsed – Scam Becomes Evident

JP Buntinx | January 17, 2018 | 11:00 am
NewsBTC BitConnect Ponzi Scheme Collapse

The BitConnect Ponzi Scheme Finally Collapsed – Scam Becomes Evident

JP Buntinx | January 17, 2018 | 11:00 am

With all cryptocurrency markets tanking in value, it is evident there will be some big changes. More specifically, some currencies are all but crashing to the ground as we speak. BitConnect, the infamous Ponzi Scheme, is finally meeting its demise, by the look of things. Thanks to the recent price declines, the value of BCC dropped by over 80%. Moreover, the native exchange has closed its doors and the subReddit is turned to private. Good riddance, according to many cryptocurrency enthusiasts.

It was only a matter of time until BitConnect would finally collapse. Thousands of people bought into this scam and some of them may have even made money. Most users, however, probably never got their money out of this program whatsoever. That is only normal, as over 95% of all trades were conducted on the native BCC exchange. When a currency’s developers also run the main exchange, you know things are not always going to end well.

Curtain Call for BitConnect

To put this into perspective, the BitConnect price has dropped by a lot. Over the past week, it went from nearly $400 all the way to $27. Such a steep decline seems to confirm the developers finally completed their grand exit scam. It is also possible they used the ‘stolen” Bitcoins to crash the current market. Whether or not that latter part is a conspiracy theory or the sheer reality, remains to be seen. It is evident the BCC exchange had access to a lot of BTC, though. Either way, it seems this Ponzi Scheme is gone for good, which can only be considered to be a good thing.

Furthermore, it seems the project’s subReddit is no longer accessible. Rather than leaving it open to the public, it is now completely private. No one who isn’t “approved” can’t access this subreddit or see what is being posted there. A very worrisome turn of events for the people still waiting to get their money out. They were warned dozens of times about this Ponzi Scheme, though. 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.

For now, it is unclear what the future will hold. It seems the BCC Exchange has also shut its doors for now. This is more evidence of the nefarious nature of this particular “investment program”. It is a matter of time until the other exchanges remove BCC from their platform, by the look of things. We can only hope not too many people lost money because of BitConnect. At the same time, it seems likely the team ran off with a few dozen million Dollars in the end.

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  • James Dav


  • check it bro .. bitconnect is sky rocket

  • D Comer

    All cryptos are subject to manipulation by developers and the entire market survives for the present on hype. Similar to the history of railroad stocks and auto stocks at the turn of the 20th century.

    This is not a new story, and crypto is not unique contrary to what enthusiasts think. Some people made bank on bcc lending program; just as many people made bank on GM stock even as the company was building its mountain of Ponzi scheme debt obligations in the 90’s.

    The bcc story isn’t much different from the Eth and Etc fork, in that in both cases developers manipulated the code and/or the supply to move the speculation market.

    • Jennifer Gainsborough

      I think you don’t know what you are taking about.
      Not all crypto currencies are subject to market manipulation by coin devs. Those that are (cough XRP, cough ADK) are centralised pieces of crap that the majority of knowledgeable crypto enthusiasts are well aware of.
      Secondly, the Eth/Etc fork is nothing like the scam that was Bitconnect. Eth and the original chain, Etc are not ponzis. Perhaps you don’t know what a hard fork of a chain is? It isn’t code manipulation and it isn’t something that just one person can decide to just do and have it succeed. If the community are not behind the fork then the new chain will simply die due to lack of hashrate.
      Oh and I suppose the internet that you are now using is also surviving on hype?

  • Kimberley Rodgers

    i lost some funds to a binary option scam, its pathetic how heartless these cyrptocurrency pundits are.. Thankfully i was able to recover my funds after stumbling upon a testimony of another victim of these pundits online. I am forever grateful to wealthrecovery94ATGeemailDOTcom for helping me out. I’m sure he could also be contacted for other forms of online scams.

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