FCoin releases latest announcement: funding gap of approximately 90 million USDT

FCoin Zhang Jian released tonight the latest announcement "FCoin, FMex data disclosure and restart progress announcement", introduced the current financial situation on the FCoin and FMex platform and the progress of the restart. The following is the full announcement:

1. After accounting, the total book assets of all users on the FCoin platform total about 181 million USDT (including 37 million USDT held by the platform and team); the total book assets of all users on the FMex platform total 4.18 million USDT.

2. It is currently estimated that the proportion of polluted FCoin users is about 70%, and the proportion of polluted assets in the current total book assets is 30% -35%. On this basis, the balance of 10 million USDT (equivalent) is deducted. The total asset gap is approximately 90 million USDT.

3. In order to restart from a technical level faster, FCoin first converts all current users' main board currency assets into claims at a ratio of 1: 1 and registers them as FUSD. The platform currency FT, FMEX and FOne will be restored based on the original balance of the account. When the FCoin restart plan is determined through a referendum, community users will be given the right to independently decide whether to convert bonds or shares.

4. At present, the remaining assets of the main board currency of the platform are converted into a contract of 10 million USDT (the address has been announced), and the FOne currency assets are complete. All the above assets are first co-managed by the multi-signature wallet held by the IC, and subsequently co-managed by well-known institutions will be introduced and publicly announced to the community. The future use plan is subject to the referendum after the website is restored.

5. It is expected that the FCoin website will be re-logged in the next week, and all users can log in to view related claims and assets. In addition, according to the proposal of the IC, after the restart of FMex, 50% of the original assets in the user account can be withdrawn directly, and the remaining 50% of the original asset withdrawal limit will still be obtained through the contribution of contract fees. . The specific restart time of FMex is released in the form of announcement after the security audit of the technical committee of the ICSC and the operation deployment time.

6. In 19 years, FCoin successively frozen the FT assets of some early mining majors, and all the assets of some early investors. At present, due to the errors in mining and dividend data, the user influence is large, and it is impossible to locate all contaminated assets. After the FMex restarts trading, I will continue to repair historical data, strive to eliminate additional assets due to pollution, and work with the ICPC to develop an executable plan for the subsequent formal restart of FCoin.

7. The IC also proposes that in the future, the FCoin restart plan will include "FUSD deductible transaction fees", and "recommended new users will receive a certain percentage of withdrawal amount after the commission is generated" and other help. The measures for all users to resolve their debts are subject to the content of Fcoin's official restart plan.

8. The FCoin platform and I have repurchased a total of 1.46 billion FTs and about 19 million FMEXs. The handling of this part of the assets will be subject to the results of the community referendum after FCoin restarts and runs stably for a period of time.

9. In the future, FCoin & FMex will become a new digital asset trading platform with true community governance and true and transparent assets. We sincerely hope that all users in the community can contribute ideas and suggestions for the future development plan of the new platform and actively participate in the rebirth of FCoin & FMex.

10. Whether the restart succeeds or fails, and ultimately fails to settle the debt, it will be borne by me for life.

Zhang Jian

March 6, 2020

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