RATE Group | Error or Plunder? Report Suggests FCoin Purposely Moved Customer Bitcoin Since 2019
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Error or Plunder? Report Suggests FCoin Purposely Moved Customer Bitcoin Since 2019

26 Feb Error or Plunder? Report Suggests FCoin Purposely Moved Customer Bitcoin Since 2019

Posted at 10:36h in Cryptocurrency News by

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Ever since FCoin fell insolvent this month, blockchain researchers have been poring over data to figure out what caused the failure and where all the China-based exchange’s cryptocurrency went. 

A recent report from Silicon Valley-based Anchain AI wonders whether funds were pilfered by insiders, challenging FCoin’s official line claiming a data error was to blame. The study is provocatively titled, “FCoin Exchange Shutdown: Technical Difficulties or Planned Scam?”

On Feb. 17, FCoin revealed a shortfall of up to $130 million worth of bitcoin (BTC). The exchange’s verified “cold” wallet, the cryptocurrency version of a bank vault used to hold customer bitcoin, was emptied. According to Anchain AI, from 2019 until February 2020, the cold wallet’s funds were likely moved to four other exchanges — Gate.io, Binance, OKEx and Huobi — and then beyond. 

Anchain AI is more upfront about its suspicions than another analysis firm, China-based Peckshield, which reported that…

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