Abstract : The founder of FCoin Jian Zhang said that the biggest problem that FCoin currently faces is not the problem that the system cannot be restored, but the problem that the capital reserve cannot be paid by users.
In FCoin official announcement "FCoin Truth," the founder of FCoin Jian Zhang said that the biggest problem that FCoin currently faces is not the problem that the system cannot be restored, but the problem that the capital reserve cannot be paid by users. FCoin may not be able to pay back around 7,000 to 13,000 BTC (around $67 million to $125 million) to its users as the platform went default.
The internal problems and technical difficulties FCoin face are the results of financial difficulties. Zhang claimed in the post that the exchange was neither hacked nor an exit scam but the problem is "a little too complicated to be explained in a single sentence."
According to the report by Chaindd, FCoin announced temporary shutdown maintenance on February 10, 2020, with an initial estimated duration of 4 hours. Subsequently, an announcement was issued again on February 11 stating that during yesterday's emergency maintenance, a system loophole that could cause risk control problems was discovered. As some people on the platform are not yet in place, and some modules of the system need to be rebuilt, it is expected that it will take 1 to 2 days for the website to return to normal.
Subsequently, pictures of "FCoin Permanent Suspension" and suspected Fcoin funds flow were spread online. However, it has been verified that the above picture is PS, and FCoin's official website has not released this announcement. At present, FCoin has not completed the repair, and the official said that an announcement will be released after the repair is completed.
However, FCoin's announcement on February 13th said, "Due to the loss of connection of key personnel of the team and severe damage to some systems and data, it was impossible to recover in a timely manner as planned. We are trying to rebuild the system and restore data. The estimated time is subject to future announcements. "