![Bitconnect 404.png](https://steemitimages.com/DQmaerZKeWVh2onCBENEqu7hm6ecu9uuUVwNn5sFy8Xgweu/Bitconnect%20404.png)

Back in November  The UK's Registrar of Companies issued a [notice](https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/wYGmnuGVgp6obZ3htZsVMhGcK8aZXTSlG2QBe9SXMjQ/application-pdf) saying that they had to show "cause for the contrary"(to prove they are not a ponzi scheme in laymen terms ^^) Reports came out on January 5th, [The Texas Securities Commissioner entered an Emergency Cease and Desist Order ](https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf)against Bitconnect.   Starting on January 13th, members where having issues logging into the site, Bitconnect announced at that time they where under a DDoS attack.  Then on January 9th [North Carolina Secretary of State’s Office issued a temporary cease-and-desist order](https://www.sosnc.gov/divisions/securities/Admin_Action).  January 16, 2018 [Bitconnect](https://bitconnect.co/) lending platform made the announcement that it is shutting down.  They claimed to be shutting down due to accusations that they are a Ponzi scheme, bad press, regulatory orders, and cyber attacks.   

![bitconnect closing.png](https://steemitimages.com/DQmeB8UXEcCBDCwviiS6eYBDWjDt7AFoXmJg1AhahXLVcJK/bitconnect%20closing.png)

The idea behind how Bitconnect worked was you invested a minimum of $100 into Bitconnect, that investment was locked in for 299 day, and you gained interest on it daily.  Your principal was refunded to you at the end of the investment period and what you made daily you could keep or reinvest (in multiples of 10).  Bitconnect claimed to use a trading bot with your investment and gave you a percentage of what they earned daily.  With the announcement of them shutting down, Bitconnect told its members that they would refund their investments.  The problem is that the refund is in Bitconnect Coin which dropped more than 90% according to data from [CoinMarketCap](https://coinmarketcap.com/currencies/bitconnect/) but has made a small rebound today.  As of 01/18/2018 @ 6:09 pm EST the coin is worth $35.06 USD according to [Coin Market Cap](https://coinmarketcap.com/currencies/bitconnect/).  To put it terms of money, say you had $320 invested, Bitconnect gave you 0.9 (roughly) in BCC which is no where close to what you invested.  They do get credit for at least giving something back to its members (in 2017 there where a lot of scams like BitPeite that took people money and vanished), but they are STILL trying to be in the Crypto-World.  They have already started an ICO for [BitConnectX](https://www.bitconnectx.co/) *In full disclosure, I was able to pull up the BitConnect X website, but made no attempt to create an account*

![maxresdefault.jpg](https://steemitimages.com/DQmctVJAhhWDF5s8Kbv6MjG9EE1EQ3m8NMazjkB4aSRAcsA/maxresdefault.jpg)

What are you thoughts on this?  What about other lending platforms ([here is a list of them](https://www.cryptolendingprograms.com/)).  Where you a member of BitConnect (if so we are sorry about your loss)?  Are you in another lending platform?  Did you invest or are you planning to invest in BitConnectX?  Please share you answers to these questions, as well as your thoughts, comments and/or concerns below.

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