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Amid a cryptocurrency price correction that has seen the price of Bitcoin drop by half from its mid-December peak, UK-based cyber-cash lending and exchange biz BitConnect said it is shutting down. The firm, dogged by accusations that it is a Ponzi scheme , cited bad press, regulatory orders, and cyber attacks for its market exit this week. BitConnect said it has received two cease-and-desist letters from US financial watchdogs: The letter from Texas authorities, an emergency cease-and-desist order sent January 3, , charges the company with fraud and misleading investors.
The letter from North Carolina authorities observes that BitConnect's purported rate of return amounts to about 3, per cent annually. Noting that such rates "are extremely unusual in financial markets," the North Carolina letter stated: Back in November, UK authorities issued a letter directing the upstart to prove its legitimacy or face dissolution.
BitConnect promised patrons the ability to earn interest on Bitcoins by lending them. It also attempted to entice new customers by loaning them alt-coins of its own, BitConnect Coin BCC , and offering more of the same if they could get others to sign up.
Through its website, the company insisted it will continue supporting its BCC currency and touts its new exchange platform, Bitconnect X , and accompanying currency BCCX.
BitConnect is supposedly owned by someone named Ken Fitzsimmons, but scant online information makes this difficult to verify. BitConnect's woes echo a broader cryptocurrency crisis that appears to have been precipitated by an uptick in regulatory intervention.
Last month, the South Korean Financial Services Commission announced that in January cryptocurrency exchanges could only issue new accounts using people's real names. China is reportedly considering further restrictions on cryptocurrency.
And Russian President Vladimir Putin has suggested regulation of cryptocurrency may be necessary, according to Tass. Government attention of this sort hasn't helped the market for fanciful digital tokens of intermittent redeemability. The prices for Bitcoin, Ethereum, and Ripple, the three most popular cryptocurrencies, were all down considerably on Wednesday.
Faced with such volatility, true believers appear to be undaunted. Minckwitz's exhortation, it should be noted, is followed by the obligatory disclaimer that such sentiment "should not be considered professional financial investment advice. Meanwhile, on community site Reddit, BitConnect forum posts advertise suicide-prevention hotlines, perhaps in sympathy or perhaps in jest.
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