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FCoin and FMex Platforms: From "Transaction Mining" to Their Closure in 2020
FCoin, once one of the world's largest exchanges with its "transaction-fee mining" model, ceased spot and contract trading on January 4, 2020, and ultimately announced its closure in February of the same year. Founder Zhang Jian admitted that technical and decision-making errors led to insufficient capital reserves, rendering the platform unable to redeem user assets, with estimated losses as high as $125 million. The situation of the FMex platform was also closely related to FCoin's closure.
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BitMEX sale collapsed as buyers balked at founder ownership and shrinking business
Crypto exchange BitMEX's two-year effort to sell the company collapsed, with potential buyers including Exodus passing on the deal. Buyers were reportedly put off by the exchange's founder-led ownersh
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Hotbit Exchange Has Shut Down: A Look Back at Its History and Security Incidents
The cryptocurrency exchange Hotbit permanently ceased all operations on its centralized trading platform on May 22, 2023. This article reviews the reasons behind Hotbit’s closure, the major security incidents it experienced during its operation—including the 2021 cyberattack and the 2022 suspension of operations—and examines the status of user asset security both before and after the platform’s closure. Regarding the security of large funds, users have been unable to trade or withdraw funds since the platform’s closure.
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BitMEX sale collapsed as buyers balked at founder ownership and shrinking business
Crypto exchange BitMEX's two-year effort to sell the company collapsed, with potential buyers including Exodus passing on the deal. Buyers were reportedly put off by the exchange's founder-led ownersh
-
FCoin and FMex Platforms: From "Transaction Mining" to Their Closure in 2020
FCoin, once one of the world's largest exchanges with its "transaction-fee mining" model, ceased spot and contract trading on January 4, 2020, and ultimately announced its closure in February of the same year. Founder Zhang Jian admitted that technical and decision-making errors led to insufficient capital reserves, rendering the platform unable to redeem user assets, with estimated losses as high as $125 million. The situation of the FMex platform was also closely related to FCoin's closure.
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Hotbit Exchange Has Shut Down: A Look Back at Its History and Security Incidents
The cryptocurrency exchange Hotbit permanently ceased all operations on its centralized trading platform on May 22, 2023. This article reviews the reasons behind Hotbit’s closure, the major security incidents it experienced during its operation—including the 2021 cyberattack and the 2022 suspension of operations—and examines the status of user asset security both before and after the platform’s closure. Regarding the security of large funds, users have been unable to trade or withdraw funds since the platform’s closure.
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