On the evening of March 10, it was reported that the FCoin case had been filed by the Shangtang Police Station of the Yongjia County Public Security Bureau in Wenzhou City.
Later, Beishu Blockchain learned about this, and the Wenzhou Shangtang Police Station stated that it has not yet filed a case and is still in the investigation stage.
The lawyer said that the illegal business case has a wide jurisdiction and is not difficult to identify, and it is relatively difficult to file a case in practice. According to the criminal law, a natural person who commits the crime of illegal business operation shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be sentenced to a fine of not less than one time but not more than five times the illegal income; A fine of one to five times the fine or confiscation of property.
After his wife, sister and parents-in-law were besieged by the victims at the Hangzhou police station a week ago, Zhang Jian, the real controller of FCoin, issued multiple announcements, saying that he was advancing the process of restarting FCoin.
Facing the ferocious "crusade", Zhang Jian had to take certain measures, and the restart may change his running away incident from a fraud to an ordinary economic dispute, thereby easing the situation and winning him more chances to get out of the predicament. time. At the same time, in order to appease everyone's emotions, Zhang Jian is successively publishing the cold wallet and hot wallet addresses of all FCoin balance assets for everyone to check. But rights defenders seem to no longer believe Zhang Jian's words. Obviously, rights defenders understand that this is Zhang Jian’s tactic of delaying the attack. Facing a person whose reputation has gone bankrupt twice, no one will believe his sincerity in restarting FCoin this time.
The Future of Tokens is the source of the naming of the FCoin exchange platform currency FT.
On May 24, 2018, with the "transaction is mining" and 80% income dividend, the digital currency exchange FCoin just launched attracted a large number of users. In less than half a month, the trading volume of FCoin has surpassed other leading digital currency exchanges, and it has entered the global TOP 3. Its platform currency FT has also rapidly achieved a 100-fold increase. The currency price has risen from the issue price of about 0.08 cents in less than a month. to $1.25.
Afterwards, as an exchange, FCoin not only launched a variety of external air coins, but also issued more than ten F-series platform coins such as FI, FC, FJ, and FM for self-financing, which can be described as varied.
For a while, the "transaction mining" model became popular, and it was imitated and followed by major exchanges. Even some exchanges that had been silent for a long time turned into "transaction mining" model exchanges and revived.
However, the huge transaction volume, the number of mining and the number of dividends also put its system in a high-risk state. The good times did not last long. Due to a series of chain reactions such as a large number of users swiping orders, FT has embarked on an endless plunge since mid-June 2018, and the transaction volume has continued to shrink.
Since then, FCoin has tried many times to save itself, call for orders, and form alliances with its peers, but to no avail. On February 17, 2020, FCoin ushered in the end of the story. Zhang Jian published the article "The FCoin Truth", detailing the fatal mistakes of FCoin in the past two years, saying that the simultaneous advancement and mutual influence of "data errors + decision errors" eventually led to FCoin Going to the end. But Zhang Jian himself has always been out of touch. Since Zhang Jian has already fled overseas, there were still people who met him in Singapore and Indonesia in the second half of 2019. Since this year, few people have been able to contact him.
As soon as this article came out, the FCoin community was terrified, and a large number of users were at a loss.
But almost everyone was shocked by the number Zhang Jian talked about in the article "The FCoin Truth": a deficit of 7,000-13,000 BTC. This is also the scale at which FCoin's capital reserves cannot pay users' withdrawals. According to the current market price of 1BTC≈US$10,000, the unpaid amount of FCoin is about US$70 million to US$130 million.
On March 6th of the previous week, FCoin released the latest official announcement, disclosing the data of FCoin and FMex and the latest progress of the restart. The content is as follows:
Previously, an FCoin rights defender directly sent out the location of Zhang Jian's wife, Li Mouying, sister and parents, and provided the room number. According to the information provided by group friends, Li Mouying's family forged their ID cards and planned to leave the country the next day. In order to prevent them from successfully escaping, the human rights organizers also urgently created the "Fcoin Hangzhou Live Stalking Group"...
As for the dimension of his family, he claimed that "he is working hard to promote the restart, and has found the fastest solution. It is expected that the website will be restored in the near future... Li Mouying and her family members have not participated in all matters of Fcoin, nor do they hold any positions. ...", according to Zhang Jian's logic: the family is not as bad as the disaster, and everything is borne by me personally.
But the rights defenders only want to get back their hard-earned money, and are more concerned about Zhang Jian's statement to the rights defenders and the final whereabouts of the money.
Why did the announcement of destroying the team FT be issued before cessation of operation?
At around 18:00 on February 10, 2020, FCoin announced that a total of more than 700 million FT held by the team will be permanently destroyed. The destruction work was completed on the same day.
Shortly thereafter, FCoin urgently disclosed the "Announcement on Temporary Maintenance of FCoin". It was announced that it will be temporarily shut down for maintenance starting at 23:50 on the 10th, and it is expected to be 4 hours. However, a dramatic scene happened. On February 11, FCoin announced another delay. It is estimated that it will take 1 to 2 days for the website to return to normal.
For more than a month before February 17, FCoin has been unable to withdraw cash normally for many days, but it has always comforted the public with "technical failures, system adjustments" and other reasons.
What is even more puzzling is that FCoin issued an announcement the day before the suspension saying that the team destroyed 700 million FT. There are rumors that the technicians deleted the code because they were dissatisfied with the destruction of FT, and Zhang Jian said in the telegram group that he repaired the system overnight. Is all this a drama directed and performed by FCoin? Some investors speculated that Zhang Jian, who had few assets left on the exchange and was desperate, misappropriated users’ funds to short BTC in order to make up for the small shortfall. Unexpectedly, BTC rose strongly, which led to a huge funding gap of US$100 million for FCoin.
No matter what is behind the scenes of FCoin’s thunderstorm, the fundamental reason for the failure of this trading-as-mining model is that it is essentially more like a “FOMO” fund game.
Although the "transaction mining" model has risen and fallen rapidly, it has to be admitted that Zhang Jian received great enthusiasm when he just launched this so-called innovative model of FCoin, and attracted a large number of star investors to enter the game. On May 21, 2018, Singer Capital, Danhua Capital, Node Capital, Timestamp Capital, 8D Capital, Zipper Foundation and other institutions and individuals jointly invested in the FCoin exchange. The core reason, in addition to the popularity of the market at that time and the novel model of "trading mining", Zhang Jian's "traditional industry background" and a series of dazzling titles with official backgrounds also played a great role in endorsement.
The short respite in 2019, apart from harvesting another wave of funds, did not change its already doomed fate.
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Disclaimer: The information published in this article does not represent any investment suggestion of the company, nor does it constitute any investment advice. The picture is from the Internet. If there is any infringement, please contact to delete it. Please note the source for reprinting.
