Hangzhou Denied To Re-accept The FCoin Defender Case

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Almost 17 victims who faced their investment losses and reported to the Hangzhou Bureau.
  • According to the relevant law and order, Hangzhou Bureau will not reaccept the case.
  • The website will be re-established again shortly, and after the restart, everyone will be able to see the debts on their portal.

A local news channel recently reported that Hangzhou Public Security Bureau would not accept the FCoin defender case. The so-called VIP scam was under investigation by the Beijing Public Security Bureau Chaoyang Branch in March 2019.

Almost 17 victims who faced their investment losses and reported to the Hangzhou Bureau. Which, in return, collected all the important stuff and forwarded it to Chaoyang Branch of the Beijing Municipal Public Security Bureau.

Hangzhou notified that the matter reported to the Police related to Beijing Bochen Technology Co., Ltd.’s criminal operation case was the same as the one been handled by the Beijing Municipal Public Security Bureau’s Chaoyang Branch. According to the relevant law and order, Hangzhou Bureau will not reaccept the case.

What does the Founder say?

A defender reported this information to the family of Zhang Jian’s wife Li Yingying in the lakeside district of Hangzhou. After investigation, it was found that the relatives of the Founder of FCoin Zhang Jian did not hold any position in the company and had no connection with this case.

Looking after all this scenario, Zhang Jian responded with his statement this morning that soon, he is going to restart his business as he has found the fastest solution for this issue.

Adding to his statement, he notified that he is working hard to rebuild the infrastructure again. The website will be re-established again shortly, and after the restart, everyone will be able to see the debts on their portal.

Jian addressed that his wife Li Yingying and her family did not contribute to the entire issue of FCoin and did not have a hold-in any of the offices or property. Per him, these are all rumors. If someone is finding any problems with this matter, they could refer to police verification.

Zhang Jianfa stated the address of two batches of balance assets clear plan and announced that probably, within one week, the website will be restored.

What is the scam?

Launched in May, FCoin exchange trading volume was recognized overnight with its business model “transaction mining”. Later, it was published by a social media platform that this volume was false.

The former also alleged that the price of FCoin is regularly manipulated, and the exchange is a total scam. At the launch of FCoin, there was neither ICO nor airdrop.

They have kept their business model suspicious from top to bottom. For reimbursing their transaction fees, FCoin circulated almost 51% of its tokens.

This motivated users to transact frequently as the exchange was reimbursing 100% of the transaction fees, which they paid in FT tokens.

This caused the exchange to shutter down their project, and the operators were coming up with an unfortunate excuse.

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