The altcoin Bitconnect has had a rough weekend to say the least. Their altcoin went from a high of $156 roughly 36 hours ago to a low of $53 only 12 hours later and now it has made its way back up past $100 to $111.88 but not yet reaching its all time high of $156. See the the chart below
The reason for the roller coaster of a weekend is said to be related to their Cryptocurrency lending platform. Bitconnect has reported that some of their users had identified a glitch with their wallets that allowed them to widthdraw more funds than was actually available to them in their wallets.
Since discovering the glitch Bitconnect has suspended use of the website both logins and new registrations while they iron out all of these issues. Here is what Bitconnect has saying about the matter: "The bitconnect dashboard and exchange platform will remain inaccessible due to a glitch in the website’s service. We shall be aiming to reactivate accounts by 3:00PM (GMT), 27 August 2017. The issue has been that many members have withdrawn more BTC and BCC than they held in their wallet. This issue is currently under investigation and we will be suspending accounts who benefitted from this glitch temporarily.
We will display a negative balance in the wallets of users who have withdrawn more funds than indicated by their balance. We request those members to refund all funds of BTC/ BCC back into their wallets to protect the value of the community."
I am sure there are a lot of nervous investors waiting to see what is going on with their accounts come August 27th. What I can tell you is that if Bitconnect is able to walk away from this event without a scratch their investor base will most likely soar since rebounding from something like this is an indication of just how legit they truly are.
