​Vietnamese investors on verge of going penniless over Bitconnect crash

The catastrophic crash of the Bitconnect cryptocurrency, widely criticized as a Ponzi scheme, earlier this week has driven a multitude of Vietnamese investors to the brink of bankruptcy. Bitconnect, one of a number of cryptocurrencies, a kind of digital asset protected by cryptography, was traded at US$27.19 a coin (BCC) as of noon on Friday, plunging 91.07 percent from the previous price. The unexpected collapse left investors around the world devastated, as the cryptocurrency was priced as much as more than $400 a BCC just a few days earlier. BitConnect is a cryptocurrency community developed by an unknown group of programmers, which describes itself as a high-yield investment program but has been accused by critics as a Ponzi scheme because of its multilevel marketing structure. Bitconnect had its token BCC peak at $463 in December 2017, but plunged to $19.28 on January 16. On the same day, Bitconnect announced it would shut down its cryptocurrency exchange and lending operation in the wake of a cease and desist order from Texas and North Carolina regulators. Bitconnect said it would refund all outstanding loans at a rate of $363.62 to the Bitconnect Wallet in form of BCC. On hot bricks The Bitconnect community in Vietnam has some 53,000 members, many of whom have put a fortune into the investment and are now like a cat on hot bricks. Dung, a BCC investor based in District 3, Ho Chi Minh City, said unlike other cryptocurrencies, where investors buy and sell to reap profit… [Read full story]

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