Bitconnect has plummeted. Bitconnect is no longer offering its lending program. It has always had controversy. It is supposed to have a trading bot (never proven however). It is a multi level marketing platform that relies on new enrolls to increase the support base. Some refer to it as a pyramid or ponzi scheme.
Bitconnect claimed outrageous gains and littered the internet, including You Tube, on how rich Bitconnect members were getting. Bitconnect came under heavy fire on the internet as a lending platform scam. Most senior crypto experts, had warned from the beginning, about their business model. People who got involved in Bitconnect early, made a lot of money. As with most MLM or pyramid scams, early adopters make the most. The ones coming in late get burned.
Many U.S. States, such as Texas and North Carolina had sent cease and desist orders to Bitconnect for the selling of unlicensed securities. Bitconnect's registration in England had also expired. BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company. The corporation is now dissolved and any and all assets belong to the Monarchy.
As far as liability, there is a lot to go around. People were warned. No one really knew who the founders were of Bitconnect. Where they were located was also a mystery. However, there were many You Tubers who pumped Bitconnect regularly. I am sure full investigations are coming their way. Time to find highly professional legal council.
The lesson to learn is never loan out your cryptos. Buy and hold. Secure your crypto safely on paper wallets or hard wallets (Trezor, Ledger Nano S, Keepkey). Think long term on holding your crypto (3 to 5 years) to build your wealth. Be patient and do not give in to FUD. Show maturity and do not give in to emotions. Set an investment goal/strategy and stick to it.
image from: bitconnectcoin.co