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FCoin Blames Poor Auditing for Shutdown, but Others Suspect Exit Scam

imageCryptocurrency News7 hours ago (Feb 22, 2020 11:23AM ET)

Less than two years after bursting onto the scene, Chinese crypto exchange FCoin has shut down its operations. The platform, founded by Zhang Jian, also says it may be unable to pay the 7,000 to 13,000 Bitcoin (BTC) — about $67 million to $125 million — that is owed to its customers.

Jian, the former chief technology officer of Huobi, tried to explain the reasons for the platform’s insolvency, identifying poor auditing practices. Crypto pundits, however, say there is a more sinister aspect to FCoin’s demise — one that involves a cleverly orchestrated exit scam by the platform’s hierarchy.

Continue Reading on Coin Telegraph

FCoin Blames Poor Auditing for Shutdown, but Others Suspect Exit Scam

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