After being labelled a scam and forcefully shutting down due to the orders from the state of Texas, BitConnect saw a crash which resulted in its investors losing over 90% of their investment. It is now certain the company is changing tactics while heading for another “Ponzi scheme”. BitConnect launches a new ICO being run by the same team in the name of BitConnect X. The interesting part is, investors are still falling for it.
BitConnect was launched in 2016 which followed a quick rise in its market capitalization to about 2 B making it settle among the top coins back then. It was created as a lending platform with a referral based programme which for sure was the biggest reason many investors fell for the scam after being promised some pyramidal referral based remuneration.