Bitcoin Worth $70 Million Lost – Wait, What!

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • The Fcoin, recently tweeted that their CEO has confirmed that over $70 million worth of bitcoin has been lost on the platform.
  • Justin Sun, the CEO of TRON, has tweeted and said that the investors who lost money in these unfortunate events could claim 1000 $BTT.

The latest tweet from Fcoin Europe’s official twitter handle shook not only the Cryptocurrency industry but also Twitter was taken by storm.

The Global Autonomous Digital Assets Trading Platform, Fcoin, recently tweeted that their CEO has confirmed that over $70 million worth of bitcoin has been lost on the platform.

This news shook the users of Fcoin and caused a lot of anger and hatred being shown against the platform online. People have been seen accusing the CEO of fraud and theft in light of the $70 million loss on the platform. This nightmare of loss of up to 13,000 Bitcoin has shaken the trust of investors in the platform completely.

Justin Sun to Compensate for the loss

Justin Sun, the CEO of TRON, has tweeted and said that the investors who lost money in these unfortunate events could claim 1000 $BTT. He said that Zhang Jian is a close friend of his and because of how ruthless crypto can be he is launching this campaign with Poloniex.

The CEO, Zhang Jian, resorted to going into a long story explaining the ups and downs that the platform had gone through and how it always managed to recover. But this seems to the end of the road, and he will try to pay back all of the losses in the future. He plans to start a new project and make use of profits from the new project to pay for the losses.

“I have decided to switch tracks and start again, hoping to get up again as soon as possible and use my personal new project profits to compensate everyone for their losses. I will disclose any important progress of the new project through public channels” Zhang Jian, the CEO of Zcash’s official statement.

The new project is expected to start soon he said, but the question is who will be willing to invest in his new project after the allegations being put by investors and the community. Fraud and theft are among some of the few allegations being put on him.

The platform was supposed to make sure that the client’s portfolios were well protected, but from the start, the business plan was going wrong. It can be said that history repeats itself here too as many of the investors and intellectuals said that this looked like a classic scam.

And well here are we, with Zcash losing $70 million and shutting down with the investors’ money. The CEO said that they were making over a 100% profit at the beginning itself whereas the official records said that they made about 95% profits in the same period of time. The CEO admits that things weren’t going according to plan, and yet they were making a huge amount of profit.

Soon the investors might take legal action against the platform, and we might be able to get the sight of what went down. But till then all we know is something was fishy since the beginning of the platform.

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