Bitconnect exit scam underway?
On January 12th users all over lost access to Bitconnect as the site suddenly went down due to a claimed server maintenance issue. In this short article we will go over the recent events and elaborate on Bitconnects future.
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The Bitconnect Scam Underway
Bitconnect has been down for more than 48 hours now and everybody is panicking. Peoples funds are at stake and uncertainty is building up around the return of the largest bitcoin lending platform.
Just few days after letters of deceit were delivered to Bitconnect by the Texas and North Carolina authorities Bitconnect went offline due to claimed server issues. This may sound like a coincidence, however there is evidence to suggest this is no coincidence and that these events are tied up to the recent behaviour of the Bitconnect team.
We can sense that something is off when looking at the official twitter account of Bitconnect. Here the management claims that the site is down due to continuous ddos attacks on the servers. This would normally be a legitimate reason for downtime. However in the case of Bitconnect it doesn’t make any sense at all, as the website is know to use the DDoS protection from Cloudflare.
The story thus doesn’t hold and we suspect that this is only a smoke screen for users whose money is now at stake. It would be interesting (and not fully surprising) to see movements of BTC running away from the BCC hot wallet in the near future. This would confirm our suspicion that an exit scam of massive proportions is underway.
We will keep monitoring the situation and bring you more updates as the events unfold…