MARKET

"Sun Yuchen, the warm-hearted man of the cryptocurrency community? Will airdrop BTT worth 0.5 USD to all Fcoin users."

share
"Sun Yuchen, the warm-hearted man of the cryptocurrency community? Will airdrop BTT worth 0.5 USD to all Fcoin users."

The cryptocurrency exchange Fcoin, which emerged with the concept of "transaction mining," self-destructed yesterday by admitting that data errors and poor decision-making led to the inability to repay user assets, officially announcing its closure. Upon learning of this news, TRON blockchain founder Justin Sun decided to provide aid by airdropping 1000 BTT tokens to Fcoin users.

FCoin Announces Bankruptcy

FCoin exchange emerged on May 21, 2018, with a novel marketing strategy of "trading is mining," attracting widespread attention. In essence, the platform returned the platform token, FT Token, to all users holding platform coins in the form of one-thousandth of the transaction fee collected by the platform. Just 15 days after the platform went live, FCoin's 24-hour trading volume reached 28.8 billion yuan, not only surpassing leading exchanges in the industry such as OKEX, Binance, and Huobi but also causing the FT Token issued by the exchange to skyrocket in value in the initial stages.

However, yesterday, an official announcement titled "The Truth About FCoin" shocked the entire cryptocurrency community. In the announcement, FCoin's founder, Zhang Jian, stated that due to data errors, decision-making mistakes, and other factors, FCoin's reserve assets could not cover user withdrawals, with an estimated shortfall between 7,000 and 13,000 BTC.

"I have decided to switch tracks and start over, hoping to bounce back as soon as possible and compensate everyone's losses with the profits from my personal projects."

Zhang Jian's open letter put an end to all previous speculations and imaginations of investors, while also shattering the faith and hope of all users.

A Helping Hand in Times of Need: 0.5 USD

Upon hearing the news, TRON blockchain founder, Justin Sun, expressed on Twitter that the founder of FCoin is a very close friend of his. He understands the difficulties encountered in building a business and expresses regret over the users' losses.

Although life is harsh and the cryptocurrency market is brutal, Justin Sun mentioned that he has contacted the Poloniex exchange and will airdrop 1000 BTT (approximately 0.539 USD) to all Fcoin users registered on Poloniex, demonstrating that kindness exists everywhere in the world and love can be found in every corner of the cryptocurrency community.

Related Articles

  • Justin Sun and Warren Buffett Finally Share a Dinner, Buffett Receives His First Bitcoin
  • Tron Officially Acquires Veteran Exchange Poloniex

Join our Telegram channel now for the latest in fintech news, blockchain insights, and industry examples!