PonziConnect isn't collapsing just yet, what they did was shrink their circulating supply on sites like Coin Market Cap, presumably because they had jumped into the top 10 in capitalization and that would draw more attention to their scam than they would like. There are a few imitators out there too, namely EthConnect that didn't even try to be original about it.
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The guy Craig Grant just "lost" 70 BTC in there. One of two things happened. Either he moved the money due to the British investigations into Bitconnect with them considering shutting it down in the UK, and he hit the EXITS early before the panic - or Bitconnect the scam vaporized his money as they prepare to RUN with everyones money in typical scam fashion. Either way, Bitconnect #bitconnect is DONE, gone, vapor, scam, Ponzi and lots of people will get fleeced. "bUt iTs DifFeReNt tHiS tImE" - Said every sucker ever.
Why so triggered at a technical correction? You misread the chart, thinking its market cap collapsed due to capital flight or "people taking off with your wealth" (which would necessitate a price collapse) instead of the manipulation of its coin supply that actually happened. And what appears to be an intentional market cap adjustment to hide farther down the market cap list looks scammy af, since being in the top 10 would catch the attention of the kind of people who can spot a scam when they see it. There's a reason the UK didn't care about it or Vitalik had never heard of it until after it (briefly) broke into the top 10.