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Is fcoin a scam?

Regular, non-random Bitcoin outflows from FCoin’s cold wallet point to an exit scam amid the crypto exchange platform’s shutdown. Less than two years after bursting onto the scene, Chinese crypto exchange FCoin has shut down its operations.

How does fcoin work?

Thus, for every crypto trade on its platform, FCoin would pay back the user the full amount of the transaction in its native FCoin Token (FT). Data from the report at the time showed that platforms using the same model as FCoin had been accounting for 12% of the total crypto spot trading market.

How much does fcoin owe users?

FCoin comes up short, failing to pay out up to 7,000 to 13,000 BTC (around $67 million to $125 million) to users. 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.

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