BREAKING: BitConnect says it is shutting down its lending and exchange site, citing cease-and-desist letters, "bad press" and denial-of-service attacks https://t.co/pXKoLffxbK
— CoinDesk (@coindesk) January 16, 2018
In a tweet posted around 5pm EST time, Bitconnect has announced on its blog that it will be closing shop. This comes after the U.K government motioned to seize their funds months back.
The Bitconnect website is down and cannot be reached. The community subreddit is full of users trying to figure out the best way to withdrawal their BCC, but there is no way currently. The company may never come back online and if that is the case, all the funds will be lost. The users are looking at the beginning of a long and tedious legal battle to get some of their funds back.
Bitconnect rose to a high of around $415 per one BCC. Currently trading at $142 on hitbtc, there is not much longer before it continues down.