• Latest
  • All
  • How To
BitConnect Cryptocurrency Collapse Leaves Investors in Pool of Tears

BitConnect Cryptocurrency Collapse Leaves Investors in Pool of Tears

January 18, 2018
ios 26 apple

iOS 26: New Features To Expect Ahead of June 9 Launch

June 5, 2025
CA ranked by ITU as best in Africa ICT regulations

Kenya’s ICT Regulation Surpasses US, Crowned Africa’s Best by UN

June 5, 2025
Kenya startup funding growth

New Report: Startup Growth at Risk Due to Foreign Funding Dependence

June 5, 2025
Apple Airpods

AirPods Could Soon Answer Calls and Snap Photos Hands Free

June 5, 2025
DHgate Tablet Cases deals
instagram-edits

Instagram Adds Teleprompter to Edits App in Bid to Rival CapCut

June 5, 2025
Sora

Microsoft Brings Sora AI Video Creator to Bing App

June 5, 2025
google-ai-edge-gallery

New Google App Lets You Use AI Offline on Android

June 5, 2025
adobe-photoshop-iphone

Adobe Launches Photoshop Beta App for Android

June 5, 2025
Material 3 Expressive

Gmail and Messages Get a Colorful Makeover

June 5, 2025
Rose Njeri, the creator of Civic Email

Rose Njeri Charged With Cybercrime for Letting Kenyans Email Their MPs

June 3, 2025
Infinix Hot 60 Pro+ Leaked Design

Infinix Hot 60 Pro+ Could Be the World’s Thinnest Curved Display Phone

June 3, 2025
Infinix Note 50 Pro Review

Infinix Note 50 Pro Review: A Budget Phone Shouldn’t Be This Good

Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

BitConnect Cryptocurrency Collapse Leaves Investors in Pool of Tears

Saruni Maina by Saruni Maina
January 18, 2018
in News
Reading Time: 2 mins read
264
3
Image Courtesy

Image Courtesy

BitConnect described itself as an open source community cryptocurrency whose main aim was to allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. The community emerged on the scene back in January 2017 with the BitConnect Coin (BCC) worth $0.16 but one year later, the coin was trading at around $400.

How did BitConnect work? Investors would deposit Bitcoins on the platform and buy BitConnect Coins (BCC). Investors would then either store the BCC on their wallets and earn interest from it, like how banks work, or the investors could trade the coin and try to profit by selling them at a higher price and buying them back at a lower price, like how the stock markets work.

On the 16th of January 2018, BitConnect announced that it was shutting its lending and exchange platform which was a big deal since investors of BCC were to make money from lending out the currency (BCC) on the platform. After 24 hours, the price of BCC had fallen by 90% to roughly $17.25 but the price of the coin later rose and at the time of publishing it was trading at $82.43, an improvement but still a far cry from where it was 48 hours ago.

BitConnect claims that bad press and legal issues were among the reasons for the shutdown but people believe that it was all a Ponzi Scheme that has left thousands of people in debt even as investors cry foul on the Cryptocurrency’s subreddit (pardon the crude language used, we just embedded the reactions as they appear on Reddit):

I’m literally shaking. This can’t be happening.
byu/eric_meams inBitconnect

This cant be it. I lost everything. EVERYTHING
byu/ProHardGamer inBitconnect

Lost My Life Savings In Bitconnect
byu/Iitecoin inBitconnect

Yeah…I lost 40k
by inBitconnect

Amidst the cry for help, there are people who have decided to help by asking any of the investors who might feel suicidal to get professional help:

800-273-8255 is the Suicide Hotline. Money Isn’t everything. Your life still matters after all of this.
byu/Kwijybodota inBitconnect

But there are those who couldn’t help it but go the “I told you so” way of handling things:

You guys were dumb enough to buy a scheme everyone claimed was fraud. Now live with it
byu/CryptoPujeet inBitconnect

Read More: How Crypto-Mining Website NiceHash Lost $58 Million in Bitcoins

Tags: BitcoinCryptocurrency
SendShare147Tweet92
Saruni Maina

Saruni Maina

I Google Bing until it Yahoos! | Email: [email protected]

Related Posts

kenya-parliament

Parliament Invites Public Feedback on Virtual Asset Bill 2025

May 30, 2025
Telegram

Telegram Shuts Down $35 Billion Crypto Black Markets

May 17, 2025
EFCC Hunts Four Kenyan Nationals in Connection with CBEX Fraud

Nigeria Issues Arrest Warrants for Four Kenyans in CBEX Crypto Fraud

May 6, 2025
Exclusive Trump Dinner Offer Ignites $Trump Coin Price Rally

Trump Coin Price Surges After Promise of Dinner With the President

April 24, 2025
features of the Kenya's Virtual Asset Bill

Kenya Moves to Regulate Crypto Industry with the Virtual Asset Bill 2025

May 30, 2025
DCI Kenya

DCI Facebook and X Accounts Hacked By Cryptocurrency Scammers

February 10, 2025

Latest

ios 26 apple

iOS 26: New Features To Expect Ahead of June 9 Launch

June 5, 2025
CA ranked by ITU as best in Africa ICT regulations

Kenya’s ICT Regulation Surpasses US, Crowned Africa’s Best by UN

June 5, 2025
Kenya startup funding growth

New Report: Startup Growth at Risk Due to Foreign Funding Dependence

June 5, 2025
Apple Airpods

AirPods Could Soon Answer Calls and Snap Photos Hands Free

June 5, 2025
instagram-edits

Instagram Adds Teleprompter to Edits App in Bid to Rival CapCut

June 5, 2025
Sora

Microsoft Brings Sora AI Video Creator to Bing App

June 5, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

iOS 26: New Features To Expect Ahead of June 9 Launch

June 5, 2025

Kenya’s ICT Regulation Surpasses US, Crowned Africa’s Best by UN

June 5, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Actors and Film Crews Are Worried About Veo 3 Taking Their Jobs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

Introducing A Brainbox Quiz: Techweez’s Monthly Trivia Night!

More News

New Google App Lets You Use AI Offline on Android

Adobe Launches Photoshop Beta App for Android

Gmail and Messages Get a Colorful Makeover

Rose Njeri Charged With Cybercrime for Letting Kenyans Email Their MPs

Infinix Hot 60 Pro+ Could Be the World’s Thinnest Curved Display Phone

Infinix Note 50 Pro Review: A Budget Phone Shouldn’t Be This Good

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.