We all knew that Bitconnect was too good to be true, and that it was just a matter of time before it would run off with everyone's hard earned money.
Bitconnect was recently hit with cease and desist letters from both Texas and North Carolina.
They recently opened up a new ICO as well called BitconnectX. This was their final cash grab before finally closing down their doors for good. There were many people who made good money with Bitconnect when it first started, but it goes to show that greed will take over people's common sense and drive them to invest into something that they know is a scam.
I even put in $300 into Bitconnect, but luckily I cashed out about 3 times that amount throughout the course of a few months.
Here is a look at Bitconnect's statement that was temporarily up on their website after it started working for a few hours after being down for 4 days or so. I knew once their website was down for a few days during their brand new ICO going that it was the time that every Bitconnect user was fearing.
The price of Bitconnect has dropped from over $400 to $37.00 in a matter of days. Bitconnect claims that they will try to continue to support the coin, but who in the world would want this coin anymore? I suppose it won't hurt to hold on to them if you have them to see what happens, but there isn't really any use for them at this point now that the scam has been confirmed.
I feel bad for everyone who invested into this recently and lost all of their money, but let it serve as a lesson that if it looks too good to be true, it likely is.
Did you lose any money in Bitconnect and what do you think will happen to the coin/platform next? Tell me in the comments.
To the moon,
@bwells