FCoin Employee Alleged Of Destroying Token Worth $75 Million

The first allegation against the man was made by the popular Chinese commentator, Molly. While quoting her reliable resources, she said, “One of FCoin employees get mad at FCoin and destroyed all the FT held by the team.” 

FCoin just getting more and more ridiculous. Before there was rumors says it get hacked , but FCoin denied it.. pic.twitter.com/GZ2gvctBT3

FCoin Community Not Happy With Team

After the allegations, the FCoin team came forward and asserted that it would permanently destroy all the FT held by the team. A year ago, the FCoin team destroyed 5,044,114,837.92336501 FCoin tokens because of the first referendum by its community. The news of destroying FCoin Tokens by the team, came as a shock for the community because before taking action the team did not communicate with them (FCoin Community). 

In the past also, the FCoin Exchange was accused of trading manipulation. 

Earlier a Reddit user also accused FCoin of a heavy manipulation in every move by the digital currency. The user said at FCoin Token’s current price, “it is impossible to acquire enough FT to gain enough daily rewards to offset risk.”

FCoin Raises Rumour 

In the year 2018, the FCoin Exchange surprised the crypto community, because being a newly launched exchange, it challenged the Ethereum Network. Later, a Singapore-based exchange claimed that FCoin Token did not process $7 billion daily. The Singapore-based exchange also mentioned that the FCoin raised a rumour regarding its volume to get people’s attention.

It has been reported that 51 percent of the FCoin Token supply has been locked up and could be unlocked through trading only. In the whitepaper of FCoin, the unlocking was referred to as ‘Transaction-fee mining’ or ‘Trans-mining’