FCoin Founder’s Relatives Allegedly Intercepted and Blocked From Leaving China
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FCoin Founder’s Relatives Allegedly Intercepted and Blocked From Leaving China

February 29, 2020      Prashant Jha

As per the latest report from local Chinese media, an FCoin activist has managed to intercept the relatives of FCoin founder Zhang Jian in a hotel who were trying to exit China on the night of February 28. The local media report suggested that the relatives were found to be Jian’s wife parents along with her sister in the Shangcheng District, Hangzhou City, Zhejiang Province. The activist also posted pictures from the police station.

The activist also claimed that the relatives of FCoin founder possessed fake ID cards and were preparing to migrate out of China. The report further added that the police haven’t filed any case against the relatives since they were not directly involved in the fraud case.

Zhang Jian Takes to Telegram To Defend Relative

The report also made note of the founder’s activity on social media after the news of his relatives went viral. It suggested that Jian took to Telegram group called “The Third FT Community Committee Social Committee” to explain that they were working on restarting the business and all the money owed by the firm will be returned soon and the progress of the refund can soon be tracked via their website expected to go live in near future.

While commenting on the news of his relatives being detained, Jian asserted that his relatives were never involved in any matter concerning the FCoin exchange nor did they hold any position or property concerning the business. He also requested people to not believe in any rumours being circulated online and verify any info with the Police.

Fcoin Another Exit Scam?

FCoin, the infamous crypto exchange from China is at the centre of a raging controversy after it first declared insolvency and later announced to resume operations to refund investors money. The exchange first made headlines on 17th February where it reported that $130 million worth of Bitcoin has been missing from its wallets owing to an auditing error.

However, data analytical firm Anchain AI tracked the flow of Bitcoin from FCoin cold wallets and noted that the exchange has been moving Bitcoin to a number of exchanges almost a year before the actual mishap came into the public domain.

The revelation made many believe that Fcoin was pulling another exit scam like OneCoin and similar Ponzi schemes. Although the platform has assured that they would be returning investors funds, the latest set of rumours are not helping their cause and confidence of the public.

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#Crypto News #FCoin #Fcoin exit scam #Fcoin scam #Zhang Jian
Prashant Jha
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.