What is BitConnect and why was it shut down?

BitConnect is a lending platform that allowed users to trade their Bitcoins in exchange for the platform’s native token and earn interest in the process. BitConnect was ultimately shut down because the platform turned out to be a Ponzi scheme and thus wasn’t able to repay its investors. What Is BitConnect?

What is Bitconnect & how does it work?

Essentially, you’re giving BitConnect your Bitcoin and then giving it back the cryptocurrency it gave you in exchange for it. You’re handing over your Bitcoin and your BitConnect Coin in exchange for a promise – a promise that has now been broken that the lending platform has shut down and the value of BitConnect coins has plummeted.

Who owns Bitconnect?

To that extent, BitConnect was incorporated by a British man called Ken Fitzsimmons who owned around 75 percent of the company. Despite his large stake, his name was never mentioned on BitConnect’s website. BitConnect was ultimately launched in February 2016.

How long did Bitconnect last?

Bernie Madoff, one of the most famous Ponzi scheme runners, spent 17 years scamming people out of huge amounts of money, and ruining lives. Fortunately, BitConnect only lasted a fraction of this time. BitConnect didn't last for long, like many other major cryptocurrencies out there today.