Well it looks like the haters and naysayers about bitconnect were right... sorta. The lending program of the Bitconnect website has been terminated. It's not a statement about them being a massive ponzi so much as them saying they're seeing some major shit right now.
You can find the press release here
tl;dr on why they stopped
The continuous bad press has made community members uneasy and created a lack of confidence in the platform.
We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. These actions have become a hindrance for the legal continuation of the platform.
Outside forces have performed DDos attacks on platform several times and have made it clear that these will continue. These interruptions in service have made the platform unstable and have created more panic inside the community.
50% correction
They don't mention anything about the 50% correction, but I'm left wondering if they were "holding bags," which is a traders term for hanging onto cryptos that they bought to turn around sell, but then the market dipped. I'm running Profit Trailer (which I like quite a bit even now). Here's my day.
If you were holding some you may not be totally shit out of luck
we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD. This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcap.com. You are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well. We are also closing BCC exchange platform in 5 days.
I had a small test account
I went to check in on my $2k to see what was happening with it.
We'll see. Hopefully you don't have tons of money invested in this baby.
