BitConnect Winds Up Cryptocurrency Exchange Operations

BitConnect is in the midst of closing its cryptocurrency lending and exchange platform following warnings from US regulators and speculation that the platform is little more than a Ponzi scheme.

In a statement, the anonymously-ran service said the lending sector of the company has been closed with immediate effect, and all outstanding loans have been released.

Active loans are being transferred to wallets in BitConnect Coins (BCC) at a rate of $363.62, a rate gathered from a 15-day average.

However, users are reporting that they are unable to access their funds through the exchange, leaving them without the ability to transfer BCC which powers the platform and has now collapsed in price.

read more at zdnet.com

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