#KCN: Chinese #FCoin exchange will no longer exist
Channel: KCN News
Date: 18/02/2020

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Chinese #FCoin cryptocurrency exchange closes. At the same time, the exchange must users 7000-13000 BTC.  According to the official statement of the exchange, “It is neither an external hacking or an internal volume run, but a data error + a decision error.”...Zhang Jian, founder of the exchange said: “For a long time, not only did I use my entire income to buy back FT, I even convinced other members of the team to do the same. In this way, all the accumulated wealth of the team and me has become a stepping stone to help others cash out. I was really scolded by thousands of people at the time, while holding my real money to buy back FT. But why is this fatal? This has to say that the data errors mentioned above. If no data is wrong, at most it is the personal wealth of our team. However, after adding this factor, the result is that we used "polluted" dividend income (both our real money and "multiple" dividends) to buy back FT that may also be "polluted" (In the case of multiple returns), help others to real cash. Those with a little common sense will understand that this operation will lead to asset shortfalls.”... Stay with us. See you soon!
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Info: https://fcoin.zendesk.com/hc/zh-cn/articles/360043503273-FCoin%E7%9C%9F%E7%9B%B8?from=timeline&isappinstalled=0