TRON Foundation founder and CEO Justin Sun has offered users of now-defunct crypto exchange FCoin 1000 BTT to migrate to Poloniex.
On Monday Zhang Jian, founder of the Chinese crypto exchange Fcoin, shocked users by announcing that the platform was shutting down and would potentially be unable to pay the $125 million owed to clients. Zhang claimed that the decision was not the result of a hack or exit scam, despite community members pointing to the latter.
Fcoin’s founder explained the exchange suffered from a series of internal data errors and complicated decision-making.
The official statement reads,
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. The internal problems and technical difficulties we face are the result of financial difficulties. It is expected that the scale of non-payment is between 7000-13000 BTC.
TRON’s Justin Sun took to Twitter in the aftermath of Fcoin announcement, expressing his condolence for Zhang and the clients affected by the exchange’s closing. He also announced a campaign to offer 1000 BTT ($0.50) to former Fcoin users who migrate to Poloniex.
(1/2)The news of @FCoinOfficial 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.
— Justin Sun (@justinsuntron) February 18, 2020
(2/2) I contacted @Poloniex and we decided to launch a campaign. All Fcoin user who signs up on https://t.co/R8Da6OGwNv (https://t.co/gLpUVw66wR) can claim 1000 $BTT.
Despite the small amount, this is our token of gesture to recover the loss for users of the #crypto world!
— Justin Sun (@justinsuntron) February 18, 2020
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