Bitconnect bites the dust, shuts down as accused of running a Ponzi scheme

Bitconnect, a website that was under severe storm and was accused of running a Ponzi scheme has finally dropped the shutters. On the website, the company has issued a statement saying that shutdown of its lending exchange program is attributed to various factors such as DDoS attacks and desist letters from both Texas and North Carolina’s securities boards.

Bitconnect was long suspected by Cryptocommunity as running a Ponzi scheme and not legit. With the announcement of shutdown, company says it will refund all outstanding loans at a rate of $363.62 USD that would mean a huge financial loss to many.

Many industry leaders have raised their voice about Bitconnect in the past including Ethereum founder Vitalik Buterin who tweeted;