This has not been the best week for BitConnect investors as news dropped that the lending and exchange operation would be closing its doors. Since the devastating news broke on 16 January 2017, the price of BitConnect has plummeted with 90% from over $400 to $17.25.

According to a statement by the BitConnect team, the reason for closing the operation is due to bad press, two letters of Cease and Desist from the North Carolina Secretary of State Securities Division and the Texas State Securities Board and several DDos attacks, to name a few.

The statement reads that the lending and exchange platform will be closing down and by so doing, they would be releasing outstanding loans to customer’s wallets. This would be calculated at a rate of $363.62. The BitConnect platform will also shut down but the website that features a wallet, will still be operational. The possibility exists that the coin may still be listed on outside exchanges. With regards to the BitConnect X ICO, the project will continue on the BitConnect X website and trading platform. The BitConnect token will also be listed on this website. Read the full statement here.

Regardless of the team announcing that investors could still trade with the token on the website, several investors have taken to social media complaining the site is not allowing them to trade.

In other news, the price of alternative coins has slowly but surely moved into the green after about three days of a total blood bath. According to CoinMarketCap, the price of Bitcoin is currently trading at $11 027. 50.