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BitConnect Shutsdown Amid All Crypto Crash

Now this is very huge and serious news that popular cryptocurrency exchange 'Bitconnect' have announced its shutdown of the service. The closing or shutting down of the exchange announcement have been made on the website with the release of all outstanding loans.

The shutting notice may be cause due to the Cease and Desist letters from the securities boards of Texas and North Carolina. Company has stated that it will refund all active loans at a rate which it calculated from the past 15 day average price which is $363.62USD. 

Initially, the Bitconnect team gets the notice from the authorities, the BCC token price plummeted from around $180 to $32 also effective to all cryptocurrencies. This is clear that users who have invested or purchased BCC had suffered from huge losses in respect to bitcoin or other digital currencies. Now the coins is useless as, its platform shutdown. 

Including Ethereum co-founder many of the other crypto experts have labelled Bitconnect as a Ponzi Scheme. 

Bitconnect was an anonymously run operation that allowed users to loan their cryptocurrencies to the company for large returns of up to 40% per month. A large referral system generated a pyramid scheme on social media, with users plying their referral links for extra commissions.

Closing the lending and exchange platform doesn’t mean that we will stop supporting BitConnect coin. Closing the lending platform will allow Bitconnect to be listed on outside exchanges giving more options for trading. This is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cyptocurrency services in the future.- Statement made on website.

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