BitConnect is an open-source cryptocurrency. It has been described as a high-yield investment program and a Ponzi scheme. Bitconnect was shut down in January 2018. The token was still in circulation but crashed in price. Since September 2018, the token has been delisted from Trade Satoshi, the last exchange that traded it. It was released in 2016 and had the goal of allowing users to lend Bitcoin for interest. Though this goal was never accomplished, BCC acted as an altcoin but allowed users to earn interest on their own wallet. On November 7, 2017, the government of the UK issued Bitconnect a notice stating they had two months to prove their legitimacy. On January 17, 2018, Bitconnect shut down, and its prices crashed by 92% immediately. However, the Bitconnect X website remained open and operational, having just begun its ICO and allowing users to purchase BCCX coins with their BCC coins. On January 31, 2018, due to a temporary restraining order, Bitconnect’s assets froze, expiring on February 13th.
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