Controversial Chinese exchange, FCoin, that closed down on Tuesdays after revealing around $130 Million worth of Bitcoin shortfall has disclosed that it is undergoing some re-engineering strategies to start again.
The digital currency exchange attributed its bankruptcy to different issues that are inexplicable to its users.
The exchange was first publicized for its alleged alteration of its cryptocurrency volume and latter for its introduction of “trans-fee mining” model.
FCoin stopped every trading and withdrawer processes due to its crypto shortage which amounted to $130 million losses.
The exchange was launched on May 2018 by a Chinese entrepreneur by the name Zhang Jian, who was former CTO at Huobi.
On Monday, he published a post in Chinese language, latter translated on Reddit, where he mentioned that he has been unable to perfect withdrawal of assets demanded by users due to a very high amount of accrued losses which stays around 7,000 to 13,000 bitcoin (BTC).
The exchange, before closing down, was one of the largest by trading volume. Although there are serious allegations of volume padding leveled against the cryptocurrency, which resulted in doubt by even the CEO of Binance, CZ.
FCoin did not reveal the cause of the close down. The exchange said it was not hacked not attempting to pull an “exit scam”, however, it said the problem is “a little too complicated to be explained in a single sentence.”
In a short letter today in Chinese language, FCoin says its social committee and CEO Zhang Jian are discussing on restarting the exchange again. FCoin promised to disclose the terms of reopening to its users.
“At present, the social committee and Zhang Jian are discussing the restart plan, and the follow-up will be gradually disclosed to the community according to the process,” the letter reads.
Meanwhile, Justin Sun, the CEO of TRON had promised to help the users of bankrupt FCoin exchange, liaising with Poloniex to offer 1000 BTT to every user of FCoin who ports to Poloniex.