The BitConnect Ponzi scheme is finally coming to an end. One platform still had BCC listed for trading until a few days ago. With the removal of this token from Trade Satoshi, the once popular investment scheme is now completely dead in the water.
No More BitConnect Trading
The story of BitConnect has been well-documented over the past year. The investment program offered investors high returns on a regular basis. Such profits are not sustainable once no new capital is being invested. All things considered, BitConnect had a much longer run than most people expected at first. That is also one of the major problems regarding this project.
Thousands of users lost money because of this Ponzi scheme. It was promoted across social media campaigns and got its BCC token listed on several trading platforms. Earlier this year, the program finally met its demise. Its native exchange was shut down, and the value of BCC plummeted significantly. An expected outcome, albeit one that put a big strain on the cryptocurrency industry as well.
Fast forward to today, and BitConnect is still a topic of discussion. There have been rumors regarding the project returning to its former glory. Those rumors will not come true anytime soon. Especially now that all exchanges have actively removed BCC trading altogether. Trade Satoshi is the last exchange to perform this action. The BCC token has been removed as of September 10th.
Underground Trading Resumes
No legitimate cryptocurrency exchange provides BitConnect trading at this time. When looking beyond the normal markets, an interesting trend becomes apparent. Some newer and smaller platforms still offer exposure to BCC. Although no volume is being recorded, it is still a worrisome aspect.
Why companies still provide exposure to BCC, remains unclear. The whole world knows this currency is defunct and has no inherent value. Novice enthusiasts may be tricked into thinking this is a bargain-priced cryptocurrency waiting to be explored. A very worrisome trend which needs to be nipped in the bud accordingly. It also raises a lot of legitimate concerns regarding the trading platform in question.
Scams like BitConnect give cryptocurrencies a very bad reputation. Given the success of this venture, a lot of negative attention was generated in the process. Now that the project is all but eradicated, the cryptocurrency ecosystem can begin looking toward the future again. Regulatory decisions will bring more legitimacy to this industry in the coming years. Cryptocurrency is far from dead, and the final demise of BitConnect is a positive instance.
What do you think about the final end of BitConnect? Let us know in the comments below.
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