- Justin Sun offers 1000 BTT to FCoin users migrating to Poloniex
- FCoin exchange has stopped operations hence the need for user migration
- FCoin had issues with transactional mining and distribution of revenues, as well as frozen accounts
Tron News Today – Justin Sun, the founder and charismatic leader of the Tron Foundation never misses an opportunity to promote his offerings. This time, the Tron chief has come to the rescue of users of a failed digital currency exchange. According to reports, today Sun announced that all users of the troubled exchange Fcoin are welcome to join Poloniex exchange and will receive a bonus 1000 BTT for their efforts.
Data Errors and Poor Decisions Led to the Decline of FCoin
It appears that human greed once more proven to be the enemy of progress for Blockchain as opposed to hackers and governments. The FCoin exchange just announced that it will stop operations henceforth. Chief of the exchange, Zhang Jian, has no clue about how to pay 13,000 BTC ($126M). Following this move by the troubled exchange Tron chief invited the victims of the disaster to Poloniex exchange with a $.50 bonus. Following many weeks of system upgrades and maintenance, the FCoin team decided to come clean about the ongoing issues with the exchange.
The biggest issue with FCoin is that it currently faces a problem of capital reserve. There are fears that clients cannot pay this. The scale of non-payment was from 7000-13000 BTC. The exchange posted this statement in a project subreddit which was also then re-posted in social media. Jian wrote a long piece about how the situation got worse.
Sun Came to the Rescue When he Offered 1000 BTT to Users Migrating from FCoin to Poloniex
Jian explained that the failure was the result of a chain of errors that were somehow related to the platforms’ transactional mining strategy, and distribution of revenues, as well as frozen accounts with crypto. He spoke about ‘non-fatal’ and ‘fatal’ mistakes but this did little to cheer users up. Despite the launch of the ‘mail withdrawal’ scheme, it might take several months to be achieved.
Sun decided to support his colleagues by publishing a moving post where he revealed that Jian is a close friend and he sorry he feels for the money losses that the exchange endured. Then, he invited the majority of FCoin users to join the Poloniex crypto exchange and announced that all Fcoin users who migrate can claim 1000 BTT as a welcome bonus. BTT is a native Tron-based digital asset of BitTorrent. When this content was published, 1000 BTT is worth $0.5. Sun called the airdrop a small gesture of kindness remembering that the ‘crypto ecosystem is full of love’.