February 17, 2020 FCoin to default on $125M worth of BTC.

FCoin, a cryptocurrency exchange led by for Huobi CTO Jian Zhang, announced in a blog post that the loss was due to “data” and “decisions errors,” as opposed to any form of hacking. Zhang has pledged to compensate users for losses with FCoin’s profits as well as his personal funds, instructed those affected to submit requests via email. FCoin introduced the “trans-fee mining” model, in which exchanges uses were reimbursed for exchange fees via distribution of FT tokens.