Chinese Exchange FCoin Closes Down, Still Owes Users $125 Million
Zhang Jian, founder of Chinese crypto exchange Fcoin, revealed in a post earlier today that FCoin may not be able to pay the 7,000-13,000 BTC (that’s $67 million to $125 million) that it owes users. According to Zhang, the exchange hasn’t been hacked and isn’t an exit scam. But evidence suggests it might be exactly that. The platform was suspended a few days ago by its own account for risk-control. This caused a great deal of speculation that the project was shutting down and its operators were using it as an excuse vanish.