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On Thursday the Texas Securities Commissioner (TSC) signed an Emergency Cease and Desist Order to stop Bitconnect from operating. The mysterious company is a popular bitcoin lending platform with a 4.1 billion USD market capitalization, and is long accused of being a scam. Also read: African Central Banks Told to Ditch Dollar and Buy Bitcoin […]
The post Bitconnect Slapped with Securities Emergency Cease and Desist Order appeared first on Bitcoin News.
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Since BitConnect (BCC) rose to the top echelons of CoinMarketCap’s chart several months ago, it has received much skepticism from the mainstream cryptocurrency community. Despite this, it has maintained a huge market cap, seldom dipping below the top 20 coins, and seems to be continually growing. It’s clear that BitConnect, which promises daily returns of around 1% for users who “loan” money by locking it up in BitConnect’s systems for a predetermined period of time, is a blatant Ponzi scheme. However, the scheme, which disguises loans as funds used by a trading bot, has been very appealing to naive investors, as evidenced by the coin’s huge market capitalizationPowered by WPeMatico