<center>https://steemitimages.com/DQmTX18hJMiYfXoXTVRZ9QsVKWjKz2PAUGcr4vkjoMkCxyX/image.png</center>

The British authority "Registrar of Companies" published a document the 14th of November 2017, threatening BitConnect LTD to close the company within a period of 2 months, insofar as the company can not provide publicly named evidence. There are no information about the reasons for the threat. So it is not clear if the company was contacted for lack of mandatory information such as company accounts or the like or maybe even because of the business model pyramid scheme.

In any event, the document states that if no appropriate evidence is presented within two months, the company will be dissolved and all assets confiscated.

<center>***"Upon dissolution all property and rights are vested in, or held in trust for, the company is deemed to be bona vacantia, and accordingly will belong to the crown."***</center>

Source: https://beta.companieshouse.gov.uk

It is also a fact that two new companies were founded in September under the name BitConnect. How and if BitConnect LTD is in contact with these two new companies is not known to us.

### The rapid increase of BitConnect - sharp criticism since the beginning

<br>The cryptocurrency BitConnect (BCC) still had a value of less than one euro in March of this year and rose to more than 250 euros at the beginning of November. However, this rapid increase brought with it numerous criticisms.

This does not seem surprising, since BitConnect actually seems to have only one topic: The promised increase in value of BitConnect tokens for advertising new investors. The aim of the investor platform always seems to attract new investors. New entrants who have joined later, ie at a lower level, receive less reward / interest than higher level investors.

**Even Ethereum founder Vitalik Buterin commented on BCC about four weeks ago on Twitter, saying he considers BitConnect a pyramid scheme:**

<center>https://steemitimages.com/DQmSvBNPAHKyghx8ZBwZpDbrvr8cmHggq8mWESRVYH5HyWC/image.png</center>

After this tweet spread on the Internet, the price fell slightly to about 213 euros. Due to the rising Bitcoin price, however, BCC seems to be on the upswing again. The price is currently over 238 Euro per Coin.

For all BitConnect investors, this news should be a warning from our point of view. If BitConnect turns out to be a Ponzi scheme, the system could collapse overnight as if it were a classic fast-paced system as soon as new users can not be acquired. In a collapse then there is a risk that all investors lose their money.

________________

**Thank you for reading!**

*Don't forget to upvote, resteem and [follow me](https://steemit.com/@tradewonk) for more content & contest*

*Tradingview, https://www.tradingview.com/u/Tradewonk/*

*Instagram, https://www.instagram.com/tradewonk/*

Or any of my other social media channels. Please consider getting your 
free account here on Steemit.

"Join the adventure and be inspired." - Tradewonk

<center>https://steemitimages.com/DQmVhPNthCtPwT4eKDKNbcys19cjHD9YtXq8agGTGyCdiMY/bloglogogra%CC%8At.png</center>