In post on January 16th, BitConnet advised affiliates that it was “halting” it’s lending and exchange platform. BitConnect was the first MLM ICO lending Ponzi scheme.
BitConnect affiliates acquired BCC points from anonymous admins (or other affiliates), and then returned the points to the company on the promise of a daily ROI. BitConnect affiliates were able to cash out by selling their points to other BitConnect affiliates.
Now, instead of Bitconnect acknowledging that there is no money to pay affiliate ROIs with, BitConnect instead blamed The press, US government and DDOS attacks for its misfortune and collapse.