Today, I saw my traffic taken a more than 90% plunge for my main site. All my keywords which used to rank in top 5 positions had taken a drop to pages 5 or 6. Went to my statscounter stats and saw that big G from mountain v has taken a visit to my site. It is weird as I saw that they visited a number of my pages without referring urls. This led me to suspect that a competitor has reported site. I know more or less the site is done and gone. Question is should I do up another site with the same content on a totally different hosting and 301 the old site to the new site. Will this work? Need help from you guys on what I should do with the site now. If I continue with the linkbuilding will the rankings improved even after a manual review?