FCoin promises to restart as soon as possible and will be governed by the community in the future.

The Chinese exchange FCoin, which once gained popularity for its innovative "trans-fee mining" model but later suspended operations due to insolvency, announced its re-launch and new policies on the morning of the 27th through a statement issued by its founder Zhang Jian and the re-launch team.

It is speculated that the FCoin exchange has ceased operations due to financial difficulties, with over two thousand victims and an average loss of 25 bitcoins per person. The founder, Zhang Jian, publicly acknowledged his mistakes and promised to take responsibility in his "The Truth of FCoin" announcement, expressing his regrets to the community.

According to the latest announcement, Zhang Jian and his relaunch team will restart the FCoin exchange and the contract exchange FMex. To address the losses of users, they will convert them into debt or equity for resolution. Ultimately, he stated that after the transitional period, the governance of this platform will be handed over to the community.

The original announcement reads:

Restart Team: The Transitional Committee (Temporary Committee) of Community Transition, temporarily composed of all current members of the Social Committee and community representatives.

The following work will be gradually initiated:

1. The existing team will use the best technical solutions to quickly restore the operation of the FCoin and FMex websites and transfer them to the Transitional Committee, which will be publicly disclosed to the community.

2. Led by the Transitional Committee, the plan to convert existing users' assets into debt or equity will be formulated and disclosed to the community as soon as possible.

3. The future operation of the website will be fully community-led after the transitional period ends, with the specific form to be determined by the Transitional Committee in collaboration with the community.

Zhang Jian, Restart Team

February 27, 2020

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