What Was the BitConnect (BCC) Ponzi Scheme?
BitConnect (BCC) was an allegedly open source cryptocurrency and the native token of the now-defunct ponzi scheme BitConnect.
Launched in February 2016, shortly after the project itself, BCC aimed to function as the means by which participants in the BitConnect scheme invested and received payouts.
Its tenure lasted almost two years, during which it hit all-time highs of $471 in December 2017, at the same time as Bitcoin’s run to just under $20,000.
Thereafter, legal problems with BitConnect saw its organizers exit the scheme, leaving investors with nothing and the value of BCC at virtually zero, where it has remained ever since.
At its height, BitConnect’s market cap was $2.5 billion, with estimates varying as to how much its founders gained when it shut down soon afterwards.