The fall of Bitconnect was as certain as night follows day. A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was calamitous. The only miracle was that the racket lasted so long. When the ringleaders shut up shop on Wednesday, causing the token to plummet from $290 to $8, that ought to have been the end of the matter. Remarkably though, BCC continues to be actively traded, and has even recovered some of its value. The reason for the mini revival? Bitconnect is launching an ICO.
Meet the New Boss, Same as the Old Boss
It was no secret, prior to its collapse, that Bitconnect was running an ICO. Its Bitconnect X website has been accepting contributions since January 10. When Bitconnect closed its doors a week later, after its original website had been offline for days, it was assumed that Bitconnect X would follow suit. After all, no one would be gullible enough to get fooled twice, surely. Apparently so. Not only is the Bitconnect ICO going ahead as planned, but investors are actively throwing money at it.
When Bitconnect announced that it was closing its lending platform on Wednesday, $1.5 billion worth of value was wiped off its market cap in less than two hours. Those losses weren’t borne by the company though – it was ordinary investors who were left out of pocket. Bitconnect’s execs were doing just fine, sitting on the stash of bitcoin they’d pocketed from investors in the months Read More Here