BitConnect is a cryptocurrency project that has long been suspected of running a Ponzi scheme. Owners of the BCC cryptocurrency can "stake" it in their wallets to earn interest paid in BCC. The company promised absurd interest rates for staking (up to 1% daily). They claim that they can afford the high interest rates due to a sophisticated volatility trading algorithm.
On January 16th, the company announced that they will be shutting down their staking, lending, and exchange services. All staked BCC will be returned to users. BCC will no longer be stakeable and will exist only as a transactable cryptocurrency.
This was the end of the Ponzi scheme and the price of BCC immediately crashed, falling from $200 to $20 within a day.