Recently, the Bitconnect platform has faced huge scrutiny for being a scam, a pyramid scheme or the worst, a Ponzi scheme. A lot of people doubt the utility of this platform and the technology that it is using.
After all these different allegations, the team has came with a closing announcement. Their lending platform will be closed for the moment and it is going to be issuing full refunds to anyone involved. That means that every user that has opened loans, will be refunded in bitconnect tokens or BCCs. The tokens are worth about $350 and they will be giving those to the users. So for every BCC, a user will be able to cash an amount of three hundred fifty dollars. Analysts are claiming that they have no idea how will the platform be able to do so, because the price of BCC has extremely dropped in the past five days.
Another question that comes up after them closing the platform is that is bitconnect an exit scam? Well, at least on one side they are giving a refund to people, on the other side, no one can access their website right now and people are affraid that this is part of the scam. In reality, it might take up to some days until the website could be operational again.
In January 10, the BCC was trading at $341 and before that, it was around $430. A lot of things have happened with the virtual coin in the past days. The current price of it is $29.45, which might be considered a cliff drop, from the value it used to have. The way that things are looking right now, this coin will not survive for too long. The recent crash is too massive to hold on for too long. Yesterday, BCC fas trading at around $140 and had a volume of 3 millions US Dollars.