CryptoCurrency Troubled FCoin Goes Bust Leaving Up to USD 116...

Troubled FCoin Goes Bust Leaving Up to USD 116 Million in Limbo

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Supply: iStock/Lisa-Blue

Troubled Chinese language crypto alternate FCoin expects that “the scale of non-payment is between 7000-13000 BTC” (USD 62.5 million – USD 116 million) after it run into troubles final week.

As reported, on February 12, the alternate said that they misplaced “contact of key personnel in the team” and the corporate suffered “severe damage to some systems and data.”

At the moment, the corporate defined on their official channels on Reddit and Twitter that “the biggest problem that FCoin currently faces is not the problem that the system cannot be restored, but the problem that the capital reserve cannot be paid by users. The internal problems and technical difficulties we face are the result of financial difficulties.”

The assertion was signed by Zhang Jian, the founding father of the alternate and the former CEO of Huobi alternate.

As reported, the alternate opened withdrawals and began processing them final week.

Jian mentioned at this time:

  • “I expect the current mail withdrawal process to take 2-3 months.”
  • “Since the current assets are not enough to pay the users, I will deal with the principle of allowing as many users to withdraw as possible to minimize the number of people affected.”

“I have decided to switch tracks and start again, hoping to get up again as soon as possible, and use my personal new project profits to compensate everyone for their losses. I will disclose any important progress of the new project through public channels,” the founder mentioned. “Once the new project is on track, I will begin the long-term mail withdrawal process, which may take 1-3 years. In addition, for the other losses of FT and FMEX investors, I am also willing to use the profit of the new project to compensate.”

(To be up to date)

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