TRON, founder and CEO of BitTorrent has decided to assuage the pain of FCoin Exchange’s users, who were affected in the present cryptocurrency exchange debacle that many called a well-planned exit scam.
Last week, NewsLogical was the first to report that FCoin exchange is battling some internal issues. From onset, a popular Chinese commentator who has been skeptical about FCoin Exchange’s modus operandi alleged that the company’s employee intentionally destroyed $75 million worth of FCoin Token (FT) said to belong to the cryptocurrency project’s team members. Molly, who first made the allegation on Twitter, said she was briefed by a reliable source.
The unnamed employee deleted the database of FCoin in the process. However, FCoin said it decided to permanently burn the FCoin Token, a native token used on the FCoin Exchange.
The team did not state the reasons behind the token burn, the action elicited members of the cryptocurrency community.
Approximately a week after, the founder of the Chinese exchange, Zhang Jian, said in a post that FCoin may not have the capacity to pay the 7,000-13,000 BTC that it owes users, and therefore announced a permanent close down.
Zhang said the exchange was not hacked, and not pulling any form of exit scam, however, he said the short down was due to a number of internal data errors.
“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome, “ he explained.
Justin Sun Offers to Help Affected FCoin Users
Cerebral Chinese entrepreneur and a graduate of Jack Ma’s Hupan University, Justin Sun, has said he was overwhelmed with sadness, hearing the news of FCoin.
The entrepreneur, who happens to be a friend of FCoin founder, offered to give 1000 BitTorrent token to users of the exchange that are being owned millions of Dollars.
Justin Sun said he conversed with Poloniex, an exchange he invested into, and decided to give every FCoin users who registers on Poloniex 1000 BitTorrent Token (BTT).
Justin Sun Said:
“The news of FCoin overwhelmed me with grief. ZhangJian is my close friend. I can relate to the hardships he has gone through creating his business, and I feel extremely sorry for the users’ losses. Life is sometimes ruthless while the crypto world is full of love.”
“I contacted Poloniex and we decided to launch a campaign. All FCoin user who signs up on http://Poloniex.com (http://pwang.com) can claim 1000 BTT. Despite the small amount, this is our token of gesture to recover the loss for users of the crypto world.”