What is BitConnect & why is it in trouble? What is BCC coin’s worth?

3 min read | September 02, 2021 10:22 AM EDT | By Raza Naqvi

What is BitConnect & why is it in trouble? What is BCC coin’s worth? — Image source: Wit Olszewski, Shutterstock

What is BitConnect & its native cryptocurrency?

Established in 2016, BitConnect was created for exchanging the world's oldest cryptocurrency, Bitcoin. It had launched its native BitConnect Coin (BCC) token for the purpose of exchanging the popular digital currency.

The SEC claims that through a lending program, BitConnect was manipulating the users by showing them fictitious returns of about 3,700 per cent per year.

BitConnect investors allegedly lost their money after the BitConnect coin declined by 92 per cent on January 16, 2018, and shut down soon after.

After going defunct, the cryptocurrency exchange attracted investors by claiming that its platform could solve financial problems by using cryptocurrencies and bypassing ranks.

The BitConnect Coin was based on the proof-of-stake (PoS) process and had a maximum supply of 28 million BCC tokens. About 2.6 million BCC were last available for mining and the rest of these tokens were left for PoS staking activities.

Also Read: Dromos crypto: Price prediction and everything to know about DRM token

Presently, BCC token is not tradable on any bonafide exchanges around the world and was last priced at US$ 0.679889 per token, as per CoinMarketCap.

Bottom Line

According to reports, the Federal Bureau of Investigation (FBI) is searching for victims of this crypto fraud.

As for BCC, the token no longer posts a live market cap or trading volume as it is no longer trading. There is also no official information available about it on the company website as it has long been offline.

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