Bitconnect (BCC) is an open-source cryptocurrency which has been described as a high-yield investment program and as a Ponzi scheme. Bitconnect experienced a major crash in January 2018 in which the market capitalization (supply multiplied by the unit price) went from $2 billion USD to $20 million USD.
The Bitconnect platform was frequently covered by social media personalities Trevon James and CryptoNick. A video of a keynote speech by Carlos Matos at a Bitconnect event has since gone viral and become an Internet meme.
Bitconnect has been suspected of being a Ponzi scheme because of its multilevel marketing structure and for various other reasons. The Bitconnect Coin was among the world’s top 20 most successful cryptocurrency tokens until its price plunged 65 percent starting January 3, 2018. After BCC hit an all-time high of US $463 in December 2017, it declined to US $5.92 as of January 30, 2018. Bitconnect has said it will refund all outstanding loans at a rate of US $363.62 to the Bitconnect Wallet in form of BCC.
On January 16, Bitconnect announced it would shut down its cryptocurrency exchange and lending operation after regulators from Texas and North Carolina issued a cease and desist order against it. On January 31, 2018, the U.S. District Court, Western District of Kentucky, granted a temporary restraining order freezing BitConnect's assets and "to disclose cryptocurrency wallet and trading account addresses, as well as the identities of anyone to whom BitConnect has sent digital currencies within the last 90 days."
Source: Wikipedia - BitConnect