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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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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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