Bitconnect shut down its lending platform citing legal and technical hurdles. Millions of dollars of investors are locked and probably no more valuable than dirt.

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Image Credit : Bitconnect

Bitconnect Shut Down it’s Lending Operation

Cryptocurrency enthusiasts welcomed with the message that the golden goose of Cryptocurrency will no longer be active. On 17th January 2018, the Bitconnect.co officially announced their withdrawal from trading Bitcoin.

The leading Bitconnect shut down is a major blow to cryptocurrency market. The platform will no longer serve its community that backed them throughout the years. Even though when times were tough for Bitconnect.co its users stood fast for her.

But it seems that Bitconnect doesn’t have much fight left in it. When users tried to log on to the website they were unable to do so.

However, some persistent users did log in and found out this message that is going to give a lot of heart attacks around the world.

Bitconnect Shutdown Reasons and Repercussions 

The Bitconnect.co is bringing out its ICO as Bitconnect X, they sure don’t want to spoil their brand name.

Following are the takeouts from Bitconnect’sblog post or bombshell.

  • Bitconnect lending and exchange platform are going to be shut down immediately.
  • The loans that you put down will be returned to your BCC wallet at the rate of 363.62 USD.
  • The BCC exchange platform will be closed by 21st of January, 2018.
  • The BCC Exchange will no longer Lend and exchange as of this day (17th January 2018).
  • Bitconnect Wallet will contain your Bitconnect Coins that you can either withdraw or transfer to QT wallet.
  • You can also keep your Bitconnect Coins on your Bitconnect Wallet.
  • Bitconnect.co will continue as Wallet Service, News & Educational Website about Cryptocurrency.

The reasons why Bitconnect halted the lending and exchange platform :

  • The bad press lowered the confidence in the platform leading to higher withdrawals and subsequent loss.
  • Cease and Desist orders from the Texas State Securities Board, & from the North Carolina Secretary of State Securities Division. These orders prevented the US investors from investing thereby killing any chance of keeping the platform alive. As the US Investors were the crux of this platform.
  • Continuous DDoS attacks on the platform created havoc causing instability in the trading and community.

Course of Action for the Investors

If you are an Investor then you have very limited options. It is clear that only a few platforms support BCC and only Bitconnect was the leading one.

As an investor, you can do following things

  1. Cash out your BCC at existing rates (which at the time of writing this article fell below 290$). If you want to cash out then you have to use hitbtc.com, livecoin.net or coinexchange.io are three platforms that accept BCC. But I haven’t tried them so I won’t vouch for them.
  2. The second thing you can do is to hold out the phase. The BCC will be supported by Bitconnect and if your investment reaches a point where you can curb your losses, just cash out.
  3. The third thing you can do is to wait for Bitconnect X ICO to allow investment again. And put your BCC in BCC X ICO.
  4. Follow the cryptocurrency trends in 2018.
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Check Also: How to Invest in Bitcoin Stock, Bitcoin Mining, Bitcoin Investment Fund & Investing in Bitcoin Trading

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