DavorCoin, as previously reported, was likened to BitConnect by the Texas State Securities Board (TSSB) given that both involved the use of a lending site and had promised to pay steady interest income to those who invested. On Feb. 2, the board issued a cease-and-desist to Davorcoin, alleging at the time that those behind the scheme had intentionally hidden information from would-be stakeholders.
“The emergency order found that DavorCoin is telling investors they can earn lucrative profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin and then lend it to DavorCoin,” TSSB wrote at the time.
Less than a week later, those behind DavorCoin announced that they were closing the associated lending platform because of a plunge in the value of the scheme’s DAV token.
According to data from CoinMarketCap, the price nearly hit $180 just over a month ago, but by the day of the announcement, the value of DAV was around $3. Press-time data indicates that DAV’s value has plunged even further, coming in at roughly $0.03 at press time…