Collapse · January 16, 2018
BitConnect shuts down its lending and exchange platform; BCC collapses ~92%
Price at event
$11,282
Today
$73,594
Since then
×6.5
On January 16, 2018, BitConnect abruptly closed its lending and exchange operation, blaming "bad press," cease-and-desist orders from Texas and North Carolina regulators, and DDoS attacks — everything, that is, except the part where it was a Ponzi scheme. Its BCC token cratered roughly 92% within hours, and U.S. authorities later pegged the total fraud at about $2.4 billion, cementing BitConnect as the defining cautionary tale of the 2017 ICO mania.
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