{"id":245045,"date":"2018-01-17T08:22:56","date_gmt":"2018-01-17T06:22:56","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=245045"},"modified":"2018-01-17T08:24:27","modified_gmt":"2018-01-17T06:24:27","slug":"cryptocurrencys-biggest-scam-just-hit-rock-bottom","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/245045-cryptocurrencys-biggest-scam-just-hit-rock-bottom.html","title":{"rendered":"Cryptocurrency’s biggest scam just hit rock-bottom"},"content":{"rendered":"

BitConnect has shut down its lending and exchange platform, and will reportedly refund investors.<\/p>\n

The company published the announcement on its website, stating that it will release all active loans in its lending wallets at $363.62 per BCC token.<\/p>\n

BitConnect will also close down its exchange and will change its website to a wallet and news platform.<\/p>\n

The company cited “bad press”, DDoS attacks, and its multiple legal troubles as reasons for closing down.<\/p>\n

Fraud<\/h3>\n

BitConnect was recently issued with multiple Cease and Desist letters from securities regulators in the US, which labelled the company fraudulent and dishonest.<\/p>\n

The BitConnect coin had no public whitepaper and operated similarly to a ponzi scheme<\/a><\/strong>.<\/p>\n

BitConnect also attracted scrutiny and scepticism from high-profile developers in the cryptocurrency community, who labelled the cryptocurrency a scam.<\/p>\n

Following the shutdown announcement, BitConnect’s value took a dive from over $300 to $32.<\/p>\n

The company said it will continue to work on its BitConnect X cryptocurrency, however, and will build a new exchange for the token.<\/p>\n

The BitConnect X website will list the new coin and the original BitConnect coin on its exchange.<\/p>\n

\"BitConnect<\/a><\/p>\n

Now read:\u00a0Bitcoin plummets following uncertainty in South Korea<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

BitConnect has shut down its lending and exchange platform.<\/p>\n","protected":false},"author":23,"featured_media":244176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[48180,43674,48325,36602,1271],"class_list":["post-245045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitconnect","tag-exchange","tag-lending-platform","tag-ponzi-scheme","tag-scam"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/245045"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=245045"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/245045\/revisions"}],"predecessor-version":[{"id":245061,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/245045\/revisions\/245061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/244176"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=245045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=245045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=245045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}