{"id":4515,"date":"2018-01-17T15:53:00","date_gmt":"2018-01-17T12:53:00","guid":{"rendered":"https:\/\/forklog.media\/?p=4515"},"modified":"2018-01-17T15:53:00","modified_gmt":"2018-01-17T12:53:00","slug":"bitconnect-shuts-down-its-lending-and-exchange-platform","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitconnect-shuts-down-its-lending-and-exchange-platform\/","title":{"rendered":"BitConnect Shuts Down Its Lending and Exchange Platform"},"content":{"rendered":"<p>Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, <span style=\"text-decoration: underline;\"><a href=\"https:\/\/bitconnect.co\/system-news\/94\/changes-coming-for-the-bitconnect-system-halt-of-lending-and-exchange-platform\" target=\"_blank\" rel=\"noopener\">has announced<\/a><\/span> it\u2019s shutting down.<!--more--><\/p>\n<p>In a release on its website the platform said the shutdown is attributed to \u201ccontinuous bad press\u201d surrounding the platform, two cease and desist letters from both Texas and North Carolina\u2019s securities boards, and continuous DDoS attacks on the platform.<\/p>\n<blockquote><p><strong>\u201cWe have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division,\u201d<\/strong> BitConnect wrote, adding:<\/p>\n<p><strong>\u201cThese actions have become a hindrance for the legal continuation of the platform.\u201d<\/strong><\/p><\/blockquote>\n<p>The post also blamed \u2018outside forces\u2019 instigating DDoS attacks on the platform, making it \u2018unstable\u2019 and creating \u2018panic inside the community.\u2019<\/p>\n<p>The platform was powered by a token called BCC which is essentially useless now that the trading platform has shut down. The token has plummeted more than 90% to about $15 at press time.<\/p>\n<p><a href=\"http:\/\/forklog.media\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4516 size-full\" src=\"http:\/\/forklog.media\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850.png\" alt=\"BitConnect Shuts Down Its Lending and Exchange Platform\" width=\"1078\" height=\"672\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850.png 1078w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850-300x187.png 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850-768x479.png 768w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850-1024x638.png 1024w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2018\/01\/screenshot-coinmarketcap.com-2018-01-17-14-43-10-850-470x293.png 470w\" sizes=\"auto, (max-width: 1078px) 100vw, 1078px\" \/><\/a><\/p>\n<p>Pressure has been mounting on Bitconnect for months, with leading figures within the crypto community, from Vitalik Buterin to Jameson Lopp, speculating that the exchange was not all it was cracked up to be.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en-gb\">\n<p dir=\"ltr\" lang=\"en\">Anyone who doesn&#8217;t yet agree with this should watch this video:<a href=\"https:\/\/t.co\/mA2NxKlSQN\">https:\/\/t.co\/mA2NxKlSQN<\/a> <a href=\"https:\/\/t.co\/k2YJvWMnzE\">https:\/\/t.co\/k2YJvWMnzE<\/a><\/p>\n<p>\u2014 Vitalik Buterin (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/936482205865353216?ref_src=twsrc%5Etfw\">1 December 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nevertheless, BitConnect insists that it will continue supporting its digital token despite closing its own exchange and lending platform. The company also says \u2018BitConnect X ICO\u2019 remains functional, pointing to an upcoming exchange platform on its \u2018BitConnect X\u2019 website that will list its token cryptocurrency BitConnect Coin (BCC).<\/p>\n<blockquote><p><strong>\u201cThis is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cryptocurrency services in the future,\u201d<\/strong> the notice added defiantly.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it\u2019s shutting down.<\/p>\n","protected":false},"author":1,"featured_media":4517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[708,28],"class_list":["post-4515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitconnect","tag-ponzi"],"aioseo_notices":[],"amp_enabled":true,"views":"280","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=4515"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4515\/revisions"}],"predecessor-version":[{"id":4518,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4515\/revisions\/4518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/4517"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=4515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=4515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=4515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}