Investors are claiming that they have lost their entire savings after the recent Bitconnect price crash. The British company behind Bitconnect revealed they were shutting its platform on 16th January, sending the market into chaos.

Launching at the beginning of 2017, Bitconnect grew from less than one cent to over $400. However, despite such a huge growth, the cryptocurrency was described as a Ponzi Scheme. Officials behind Bitconnect then said that this criticism made investors of the virtual coin uneasy, and announced the closing of the exchange platform. The company had also obtained cease and desist letters from the North Carolina Secretary of State Securities Division and the Texas State Securities Board.

However, the Bitconnect firm has promised that users will receive their cash. This news comes after months of sliding prices. Earlier this week, Bitconnect fell from $330 to slightly over $20, before plunging further to $5.

In addition to the digital currency, Bitconnect runs and maintain a website publishing current cryptocurrency news. Since the crash, this has been updated which has led experts to believe that they may continue their operations. What\'s more, the firm confirmed that they were only shutting the lending platform and that the exchange platform is still in use. Latest figures show that the price of Bitconnect has recovered to $33.