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Author Topic: Exchange managed to lose 7000- 13000 BTC in Non Payment?(BTC downtrend reason?)  (Read 256 times)
vennali (OP)
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February 19, 2020, 09:51:27 AM
 #21

There was another report suggesting that Fcoin's BTC were transferred to other exchanges.

So, yeah. There's that figured out on where the BTC went.
Source

That was quick. Exit scam confirmed!

Quote
The verification and withdrawal processes all require manual processing, so the processing speed is relatively slow. In addition, there are more people applying at the same time, so please wait patiently after submitting your application.
https://fcoin.zendesk.com/hc/en-us/articles/360042843754-Announcement-on-the-start-of-processing-withdrawal-applications

If you're still waiting on a manual withdrawal at this point, you're screwed. The money is gone. I guess the whole "polluted assets" story was just a ploy to give the operators time to disappear.
It is heartbreaking how so many exchanges have gotten away with it. Maybe this is another call for regulation?

davinchi
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February 19, 2020, 12:41:40 PM
 #22

Quote
The verification and withdrawal processes all require manual processing, so the processing speed is relatively slow. In addition, there are more people applying at the same time, so please wait patiently after submitting your application.
https://fcoin.zendesk.com/hc/en-us/articles/360042843754-Announcement-on-the-start-of-processing-withdrawal-applications

If you're still waiting on a manual withdrawal at this point, you're screwed. The money is gone. I guess the whole "polluted assets" story was just a ploy to give the operators time to disappear.
Manual withdrawals would never be processed from such exchanges and they might even delay your manual withdrawals by months stating that there are excess number of withdrawals and they would need time to process each and every request. If they have shady intentions than they would find dozens of reasons to avoid the investors.

This indeed is a exit scam but yet many of the traders from that exchange might be looking to withdraw their funds which is hardly possible now. Such exchanges move on the funds to some other exchange or wallets without even letting the community know about it so that they could give any ponzi reason behind their exit scam. Traders from Fcoin should treat this as a lesson and should avoid going on such platforms in the coming future.
justdimin
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February 19, 2020, 01:47:30 PM
 #23

Well, there are enough idiots in the world to think that there could be a way for them to get rich very quickly and there are enough greedy and morally flexible people that they are willing to scam those people. Nobody in this world except lottery winners are getting super rich in a day, if you see an offer that is miles better than any other offer in the world and you invest into it, you are basically allowing yourself to get scammed.

There was a lot of cloud miners back in the day who did the same thing, they offered 10%+ profits per month for putting your money there but in the end people realized the money was going straight to their pockets and not for profiting. FCoin is not the disease, it is the result of the disease and we need to first find a way to heal the disease first to not have any more FCoin like stuff.

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Quidat
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February 19, 2020, 03:24:48 PM
 #24

Quote
The verification and withdrawal processes all require manual processing, so the processing speed is relatively slow. In addition, there are more people applying at the same time, so please wait patiently after submitting your application.
https://fcoin.zendesk.com/hc/en-us/articles/360042843754-Announcement-on-the-start-of-processing-withdrawal-applications

If you're still waiting on a manual withdrawal at this point, you're screwed. The money is gone. I guess the whole "polluted assets" story was just a ploy to give the operators time to disappear.
Manual withdrawals would never be processed from such exchanges and they might even delay your manual withdrawals by months stating that there are excess number of withdrawals and they would need time to process each and every request. If they have shady intentions than they would find dozens of reasons to avoid the investors.

This indeed is a exit scam but yet many of the traders from that exchange might be looking to withdraw their funds which is hardly possible now. Such exchanges move on the funds to some other exchange or wallets without even letting the community know about it so that they could give any ponzi reason behind their exit scam. Traders from Fcoin should treat this as a lesson and should avoid going on such platforms in the coming future.
Even a simple hacking incident reason isnt really that convincing after all, just like what happened on previous exchangers that have issues on getting hacked then closed its doors.
We have seen lots but still havent resolved and those coins are lost forever or simply means those are in the pockets of its owners itself.
Even the top exchange like Binance had suffered breaches too so i dont see a point why a certain person would tend to make use of unheard or unknown
exchangers in the market.

btcto200k
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February 19, 2020, 04:21:14 PM
 #25

THIS IS EXACTLY WHY you use an exchange that has transparent custody like Blockchain board of derivatives. Thank me later.
redsun114
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February 19, 2020, 05:10:49 PM
 #26

This should redirect us to never trust any random exchange. There are a number of exchanges and majority of those exchanges give such useless reasons for loosing investors funds. There is not even any legal action which can be taken against such exchanges as cryptocurrency trading is not yet legalized which does not even legalize the circulation. That is the reason why we should only stick to limited exchanges which are serving us since long time.

I was actually shocked to read the subject. 13000 BTC is never a small amount and that exchange named Fcoin actually treated it much lightly without even giving a brief explanation about what actually happened.

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exstasie
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February 19, 2020, 08:05:18 PM
 #27

That was quick. Exit scam confirmed!

Quote
The verification and withdrawal processes all require manual processing, so the processing speed is relatively slow. In addition, there are more people applying at the same time, so please wait patiently after submitting your application.
https://fcoin.zendesk.com/hc/en-us/articles/360042843754-Announcement-on-the-start-of-processing-withdrawal-applications

If you're still waiting on a manual withdrawal at this point, you're screwed. The money is gone. I guess the whole "polluted assets" story was just a ploy to give the operators time to disappear.
It is heartbreaking how so many exchanges have gotten away with it. Maybe this is another call for regulation?

I doubt it. In this digital world, crypto-only exchanges can be launched from all manner of privacy-friendly countries. They can operate servers in places they can't be seized, and with no bank accounts, they have little financial exposure to regulators.

It's a call for common sense. People need to stop storing so much of their coins on exchanges, especially new and disreputable ones. When you need to use a centralized exchange, minimize your time exposure. Deposit, trade, withdraw. Don't store.

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