By Tom Alford
Bitconnect (BCC) is the biggest and most well known scam and Ponzi scheme in cryptocurrency history. In just over a year, the ‘project’ managed to propel itself from an obscure ICO to a crypto project valued at a staggering $2.6 billion. Fast forward an additional 8 months and Bitconnect has managed to get itself delisted from every single cryptocurrency exchange. This has made the BCC token effectively worthless and given BCC token holders a 100% loss.

In a nutshell, what actually happened?

The Rise Of Bitconnect

Bitconnect launched their ICO on the 15th November 2016 and closed the crowd sale on the 30th of December. How much did the BCC ICO raise? The answer may be less than you think: Bitconnect only raised 468 Bitcoin, worth around $410,000 at the time. Of course, before the ICO bubble in mid-2017, it was quite typical for projects to be raising this kind of money. In contrast, nowadays it is normal to see projects raise anywhere between $10M and $50M. The birth of Bitconnect happened in a completely different market environment than we see today.

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