Chinese Exchange FCoin Closes Down, Still Owes Users $125 Million High Quality

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Borna Belnas

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Jan 25, 2024, 2:36:15 AM1/25/24

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Crypto.com is smaller than FTX but still ranks among the top 15 global exchanges, according to CoinGecko. FTX spooked the market not just by its speedy downfall but also because the company was unable to honor withdrawal requests, to the tune of billions of dollars, from users who wanted to retrieve their funds during a run on the firm. When it became clear that FTX didn't have the liquidity necessary to give users their money, concern mounted that rivals may be next.

The importance of properly securing data is continually undermined by events in the cryptosphere, such as the recent shutdown of popular Chinese crypto exchange Fcoin, which Binance CEO Changpeng Zhao dubbed a Ponzi scheme. Numerous reports have indicated that Fcoin owes users $130 million in bitcoin.

Chinese Exchange FCoin Closes Down, Still Owes Users $125 Million

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