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Cryptocurrency Exchange FCoin Expects To Default On As Much As $125M of Users' Bitcoin
Summary: FCoin, the Chinese cryptocurrency exchange, may be unable to pay back around 7,000 to 13,000 BTC (around $67 million to $125 million) to users since the platform has gone default. According to a blog post titled "FCoin Truth," the exchange founder and the former Huobi CTO Jian Zhang stated that the default wasn’t caused by ...
FCoin, the Chinese cryptocurrency exchange, may be unable to pay back around 7,000 to 13,000 BTC (around $67 million to $125 million) to users since the platform has gone default.
According to a blog post titled "FCoin Truth," the exchange founder and the former Huobi CTO Jian Zhang stated that the default wasn’t caused by an external hack or scam, but instead by a "data error" and a "decision error." FCoin’s biggest problem is not whether the system cannot be restored, but the problem that the capital reserve cannot be paid by users.
By Ramsey Baker
Tags: default,FCoin,Jian Zhang
Link: Cryptocurrency Exchange FCoin Expects To Default On As Much As $125M of Users' Bitcoin [Copy]
