Employee burns $75 million cryptocurrency in retaliation for his boss
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Answer Employee burns $75 million cryptocurrency in retaliation for his boss
In an unexpected move, an FCoin employee allegedly destroyed $75 million worth of FCoin that was intended for project team members.
The destroyed token, which was equal to 720,404,905 FT, is equal to $75 million at today’s FT coin price.
The famous Chinese “Molly” account commented on the incident on Twitter:
FCoin is just getting more and more absurd. Before that there were rumors that it was hacked but FCoin denied it.. pic.twitter.com/GZ2gvctBT3
– Molly (molllliy) February 12, 2020
She tells Molly that one of the FCoin employees got angry at the FCoin project and destroyed all the team’s holding coins.
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She was told that an unnamed employee had deleted the FCoin database in the process.
In response to the community, the FCoin team says it was they who decided to permanently destroy all of the FT they own.
Although the team did not mention the reasons behind the destruction, the update confirmed that the decision was made after the team destroyed 5,044,114,837 FCoin a year ago due to the first FCoin community poll.
The decision to destroy the token shocked the FCoin community as no update was reported regarding the decision before action was taken.
Before FCoin participated in the update, there were widespread rumors that the coins had been hacked.
About FCoin
FCoin is the original token of the FCoin trading platform. The platform has been accused in the past for manipulating trading volume.
In 2018, the Ethereum network was suspended due to the voting activities of the FCOIN platform.
The newly launched platform at that time surprised the crypto community with its huge impact on the network.
Then, the Singapore-based platform claimed its daily trading volume of $7 billion, raising further suspicions that the voting process and trading volume have been manipulated to get people’s attention.
Read:Terra Founder Officially Suggests Splitting From The Original Project (Hard Forking) To Reboot!
In the same vein, 51% of the “FCoin Token” offer is locked and can only be opened through trading.
In the FCoin working paper, the idea was called “transaction fee mining” or “cross mining.”
accuse Reddit user FCoin project heavy manipulation of every step you take towards the digital currency.
User said:
At the price of the FCoin Token, it is impossible to get enough FT to earn enough daily rewards to offset the risk.
The CEO of Binance, Changpeng Zhao, at several points raised some doubts about the FCoin trading platform and its native token, and said:
Read:After Bitcoin approaches the $50K level…Will Ethereum follow and rise to $4,000?
You pay transaction fees to the platform using Bitcoin and Ethereum.
Then the platform pays “100%” to you with its token.
Is it just buying the platform token with BTC and ETH? How is this different from an ICO?
On Weibo at one point, the CEO of Binance said:
If the platform does not get revenue from transaction fees and profits only from the price of its token.
How to survive without manipulating the price of the token? Are you sure you want to play against the price manipulator?
The same price manipulator that controls the trading platform?
Read also:
What “secrets” are cryptocurrency exchanges hiding from users?
How do cryptocurrency exchanges manipulate trading volumes?
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