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Title: FCoin Shuts Down With Customers’ $133 Million Post by: hugeblack on February 18, 2020, 10:53:39 PM It appears to be a new "scam exit" but this time with some unconvincing arguments.
According to Zhang Jian[1], the Chinese crypto exchange institution Fcoin where he said the exchange was not hacked and was not a scam "but the evidence suggests it may be exactly that" but FCoin may not be able to pay the amount between 7000 and 13000 BTC that it owes to users. This closure is the result of a series of internal data errors and extremely complex inexplicable decisions: Quote “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.” The platform was weird from the start and was filled with bots but "Don't trust any platform." Read more: https://cointelegraph.com/news/chinese-exchange-fcoin-closes-down-still-owes-users-125-million [1] https://fcoin.zendesk.com/hc/zh-cn/articles/360043503273-FCoin%E7%9C%9F%E7%9B%B8?from=timeline&isappinstalled=0 Title: Re: FCoin Shuts Down With Customers’ $133 Million Post by: TheUltraElite on February 19, 2020, 07:42:42 AM Fcoin was one of those exchanges from Asia with the new "trade mining" scheme for passive income. They said that users who buy their token will get a share of the trade mining fees and thus roped in a lot of noobs trying to make money from this scheme. So did Catex and Nexybit and a bunch of others.
Now I had previously talked about nexybit in some of my posts where people asked for trade mining and tried shilling it here, which is a normal bitcointalk phenomena. Nexybit essentially scammed its investors one fine morning where they stopped paying out daily payouts for their token and shut down their telegram accounts. They also exit scammed its investors and the telegram group is now a bot spammers paradise. I have seen similar attempts to make people pledge their money for a passive income but all of them essentially were scams except casino bankroll investment in a trusted casino. Mining farms and this recent trade mining were all scams. If any of you are having investments in any other trade mining exchange then be sure to pull out your exchange. EDIT: @The Pharmacist About FCoin trade mining in bits and pieces - https://news.bitcoin.com/transaction-fee-mining-exchanges-highly-popular-highly-controversial/ About Nexybit trade mining - https://support.nexybit.com/hc/en-us/articles/360013213753-What-is-the-Trade-Mining- Catex says about "Daily dividends" on their homepage - https://www.catex.io/?load=1 Title: Re: FCoin Shuts Down With Customers’ $133 Million Post by: The Sceptical Chymist on February 19, 2020, 08:50:56 AM Quote “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.” That sounds like some of the worst double-speak I've ever heard--the statement says absolutely nothing about the reasons why this thing happened or why it is apparently so complicated that it can't be put into words. And why would an explanation have to be put into a single sentence anyway? Never heard of FCoin, but this doesn't surprise me in the least. Exit scamming has been a lucrative maneuver for exchanges for years now, and the more obscure they are, the better (for them). The amount they apparently scammed isn't small, so hopefully FCoin's screwed-over customers will figure out a way to get their money back. Fcoin was one of those exchanges from Asia with the new "trade mining" scheme for passive income. They said that users who buy their token will get a share of the trade mining fees and thus roped in a lot of noobs trying to make money from this scheme. So did Catex and Nexybit and a bunch of others. Interesting. Was that discussed mainly in the altcoin sections? I've never heard of trade mining before--but I don't doubt you when you say there were idiots shilling it and probably not understanding what kind of bullshit they were promoting.Title: Re: FCoin Shuts Down With Customers’ $133 Million Post by: exstasie on February 19, 2020, 09:15:11 AM This closure is the result of a series of internal data errors and extremely complex inexplicable decisions: Quote “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.” Their whole sob story was already quickly disproven. Blockchain analysis shows FCoin emptied their cold storage wallets and sent their customers coins to ~10 exchanges! After that, they concocted this preposterous story. https://twitter.com/DoveyWan/status/1229566977158418433 File this one under "exit scams." |