Vietnamese investors panic over virtual currency

From being in the top of the digital currencies with the largest capitalization value in the world, but now this currency is plummeting. The investor community in Vietnam at this time is like sitting on a fire anthill because of the risk of losing everything when Bitcoinect announced to close in the next 5 days.

The value of this coin is falling at a record low, from the price of 430 USD/bitcoinnect in just a few days, this coin has lost more than 95% of its value and is now only around 25 USD/bitcoinnect. However, this is not the bottom because bitcoinnect is still continuing to decrease in price.

The lucrative investment packages that Bitconnect offers to investors promise profits of up to nearly 40% per month.

It is estimated that the Vietnamese investor community for this currency can reach tens of thousands of people. The general psychology of the members of this Bitconnect community is extremely confused. However, up to now, when the price has dropped too much, most of them can only continue to hold on to Bitconnect to continue to hope.

The dream of becoming a billionaire in an “instant” moment has now gone up in smoke. It is known that investors in Bitcoinnect only need to “throw” a lump sum of money into trust investments to earn a minimum of 30% profit per month. For example, those who invest in packages worth 5,000 USD, equivalent to about 120 million VND, will earn a minimum of 40 million VND in interest each month.

The huge profit margin has blinded many investors, causing them to rush into investing like moths to a flame.

Mr. Nguyen Tan Phuc, one of the investors who “died” because of Bitcoinnect, said: The number of individuals investing in packages from 5,000 USD, or 10,000 USD can be up to thousands of people. Especially those who follow the “decoy” LNT are forced to invest in a minimum package of 5,000 USD, lower than this package, they will not receive support and guidance from LNT.

According to Bitconnect, there are three main reasons for this suspension. First, negative news in the media has made investors feel less confident in this platform. Second, Bitconnect has received two suspension requests from the Stock Exchange in the states of Texas and North Carolina. Finally, hackers have continuously attacked the system, causing transactions to be continuously rejected in recent days.

The value of this currency is falling at a record low, from the price of 430 USD/bitcoinnect it has evaporated by more than 95% of its value, currently only around 25 USD/bitcoinnect.

Immediately after Bitconnect’s surprising announcement, investors dumped the coin. From around $400, Bitconnect’s price plummeted, losing 93% of its value, now sitting at around $15 and showing no signs of stopping.

Bitconnect claims to still support the information and development of its ecosystem. For now, all investors' money will be returned in the form of Bitconnect coins at an exchange rate of 363.6 USD/Bitconnect (based on the average price over the last 15 days).