FCoin has been operating for years. Never a glitch on the platform.
It is known in Asia more than elsewhere.
Initially, they came up with the concept to develop their own platform-based ERC20 to act as a distribution mechanism to build community- consensus decision based around staking, locking, and earning dividends on their FToken. People were highly critical of the concept, but it happened at the same time Binance was first growing, and once BNB was created, people understood the benefit of a platform-based coin issuance.
China is said to have prevented further information on FCoin to Google, so most of the outside world knows nothing of FCoin.
Other than that, everything seemed fine.
FCoin announced, very suddenly, the entire FCoin Team was going to burn their 700 Million+ FTokens in order to increase the value and scarcity model. Apparently, according to reports, the team had not been notified first, and the revolted.
A team member deleted a module of the site, and their backup system is poorly handled.
The public received the announcement of an immediate maintenance.
The site was unavailable for trading.
The message was for 2 hours of maintenance on the English announcements page, and it was 4 hours for the Chinese page.
After 6 hours, myself and a few others in the community started asking questions and got the standard blow-off from Admins.
The message was updated to announce the fix would be 1-2 days. There has never been any official statement from the top, ZJ, or others.
Now 4 days later, there is said to be a manual withdrawal process for funds. They were unable to rebuild the site and claim to be trying, but the team is missing, no one has put out any official announcement from the top positions of the site, and all admins have disappeared.
The community is absolutely terrified they have just lost tens of millions of dollars worth of crypto assets.
A few members, no more than 3-5, have verified they received a confirmation email from FCoin to give a confirmation code to receive their withdrawals, but no one has received any funds.
It takes 5 minutes to prove ZJ hasnt run away, to give status reports, and it takes no experience to process withdrawals for users.
They claim there was no external hack, but who cares if there is zero proof the team hasnt just run off and occasionally puts out a statement that something is progressing.
We are all very concerned we just got taken, and the whole thing makes zero sense.