Ponzi Scheme BitConnect Plummets 90%

For naive investors who invested in BitConnect (BCC), today marks an exponentially bigger loss than the general cryptocurrency downtrend. After discontinuing its “lending” program, BCC instantly plummeted over 90% from the day’s high, dropping from over US$330 to a low of just under $20. While most of the community warned about the blatant scam presented by BitConnect’s lending program, the ponzi still rose to a top market cap of almost US$3 billion. With the lending program, individuals could deposit USD or Bitcoin onto their BitConnect accounts, where they would then stake their holdings for daily interest for a predetermined period