Bitconnects day of reckoning has come: It has announced that it is closing it's exchange and lending operations, after receiving two cease and desist letters from state authorities for unauthorised sale of securities and been unable to protect itself from DDos attacks.
Bitconnect have received a lot of criticism and allegations that they were running a Ponzi scheme by many prominent cryptocurrency advocates including the founder of Etherium and Litecoin. This has made it increasingly hard for them to operate as confidence in their operations and coin has plummeted.
They have issued the following statement on their website.
They state that BitConnect ICO X will continue and that it is not an end to the community. However, it is unclear whether they will be able to regain trust from their community.
