Chinese digital asset exchange FCoin has announced that as it closes down, paying its users what they’re owed might be impossible. According to the official post by FCoin founder Zhang Jian, users would probably not get their due.
Jian insists in the post that the problems FCoin faces aren’t anything connected to a hack or an exit scam. However, many people feel differently. He insists that the problem is a payment issue, and not that the platform cannot be restored.
“The biggest problem FCoin currently faces is not that the system cannot be restored but that the capital reserve cannot be paid.”
The post mentions that the amount owed is somewhere between 7000-13000 BTC which is roughly $71.6 million to $133 million.
Jian also says the problem that caused FCoin’s inability to pay is “a little too complicated to be explained in a single sentence.”
At the end of the post, Jian says he has other projects he’s working on while he puts FCoin behind him. He then promises that he will compensate the users he owes with profits from these other endeavors. However, the Jian doesn’t say what the endeavors are and also doesn’t exactly give a time frame.
For many reasons, exchange firms shutting down is nothing new. Hopefully, 2020 will be better than in 2019.
Image Credits: Pixabay
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