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BitConnect Exchange Shutters Operations

By

Jeremy

Nation

WriterETHNews.com

Following DDoS attacks and cease-and-desist orders, BitConnect announced a closure of its lending and exchange platform.

Today, January 16, 2018, it has been reported that the cryptocurrency exchange BitConnect announced that it cease operations of its lending and exchange site.

The announcement briefly appeared on the official BitConnect site, but has been intermittently unavailable thereafter, returning 404 messages to browsing attempts. However ETHNews did manage to obtain an image capture of the BitConnect website prior to the announcement's intermittent appearance:

BitConnect Closes Lending And Exchange Site
BitConnect Closes Lending And Exchange Site
Source

The notice of closure comes a little over a week after officials at the Texas State Securities Board issued a cease-and-desist order to BitConnect, due to an apparent failure to register with the state. According to reports, a similar order was issued by regulators of North Carolina.

It hasn't been smooth sailing for BitConnect. On January 15, the exchange had reported via social media that, due to technical difficulties, its ICO would no longer take place on January 16 as originally scheduled.

The aforementioned issues with BitConnect's site seem to have been ongoing since January 13. The exchange's twitter feed indicates that an ongoing DDoS attack had hindered its operations.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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