$500 Million will be required for Bitconnect ICO
The collapse of Bitconnect was as strange. A pyramid scheme covered inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was unfortunate. The only miracle was that the game lasted so long. When the leaders shut up shop on Wednesday, causing the token to plummet from $290 to $8, that used to have been the end of the matter. Especially though, BCC continues to be actively traded, and has even produced some of its value. The reason for the mini-revival? Bitconnect is launching an ICO.
Meet the New Boss, Same as the Old Boss
It wasn’t a secret, earlier to its collapse, that Bitconnect was running an ICO. Its Bitconnect X website has been accepting contributions since January 10. When Bitconnect closed its doors a week later, after its original website had been offline for days, it was considered that Bitconnect X would follow suit. After all, no one would be simple enough to get fooled twice, surely. Obviously so. Not only is the Bitconnect ICO going ahead as planned, but investors are actively throwing money at it.
While Bitconnect declared that it will be closing its platform on Wednesday, $1.5 billion worth of value was washed off its market cap in less than two hours. Though, the losses weren’t owned by the company, it was ordinary investors who were left out of pocket. Bitconnect’s executives were doing just fine, sitting in the shop of bitcoin they’d stolen from investors in the months before. Afterwards, as Twitter traders eagerly watched to see the first altcoin drop to zero in real time, something strange happened. BCC stopped falling and started to climb.
Lambs to the Slaughter
By the end of 2017, it was possible for Bitconnect that the Ponzi scheme they had built was on the edge of toppling. Not content with riding off into the sunset with their ill-gotten gains, they decided to have another bite of the cherry. The Bitconnectx.co domain was registered on the penultimate day of 2017, and the Crowdsale started less than two weeks later. The company is trying to sell 11.76 million BCCX, which will earn it $588 million. It will also hold another $145 million in coins, bringing its total assets to $733 million.
The new-look Bitconnect X platform describes:
“It allows you to earn interesting helping maintain security on the network by holding BCCX in a Qt Desktop wallet that is attached to the network and allowing transactions to flow through it.”
One of the first tasks on the Bitconnect X roadmap is to achieve a listing on Coinmarketcap, which shouldn’t be a problem, as the site had no doubts regarding heavily promoting the previous scam. After that, it will spend the summer performing obscure tasks such as “adding more security layers in Exchange platform”, probably while Bitconnect execs put as much distance between themselves and their creditors as possible.
Bitconnect will keep Playing
Even after the collapse of Bitconnect, the organization’s social media account continued glibly tweeting bitcoin news, as if nothing had happened. Each new story it posted was met with hundreds of thunderous replies until the account finally broke its silence to audaciously issue the following claim: