BitConnect has closed down its lending and trading platform. Many have called it a ponzi-scheme, because people would loan the anonymously-run site money in exchange for exorbitant interest, depending on the length of the loan. BitConnect's platform was a multi-level referral system. The site claimed it earned revenue from day-trading crypto coins. The company blamed the closure on bad press, two cease-and-desist letters from securities authorities on the basis that it lacked proper registration, and perpetual DDoS (distributed denial-of-service) attacks on its servers. [...]
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