RATE Group | Insolvent Exchange FCoin Had Bitcoin Outflow Problems Just Two Months After Launch: Repo…
80518
post-template-default,single,single-post,postid-80518,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Insolvent Exchange FCoin Had Bitcoin Outflow Problems Just Two Months After Launch: Repo…

23 Feb Insolvent Exchange FCoin Had Bitcoin Outflow Problems Just Two Months After Launch: Repo…

Posted at 08:43h in Bitcoin News by

[ad_1]

Cryptocurrency exchange FCoin, which revealed its insolvency this week, may have already been leaking bitcoin as early as July 2018 – just two months after its debut.

On-chain analysis and security startup PeckShield released a report on Friday, suggesting FCoin’s bitcoin (BTC) wallets had a significant outflow of nearly 10,000 BTC between July 19 and Aug. 31, 2018 – a time that coincided with the occurrence of the fatal “data error” that FCoin founder Zhang Jian mentioned in his tell-all post on Feb. 17.

While announcing FCoin was insolvent, the founder revealed the exchange had a shortfall of up to $130 million worth of bitcoin.

Basing its on-chain analysis on the address of one of FCoin’s major bitcoin cold wallets, starting with “12rU7w” and disclosed in June 2018, PeckShield said it had collected 33,938 bitcoin addresses that are believed to belong to FCoin – including hot, cold and users’ custodian wallets – and compiled the combined daily balance of these wallets…

[ad_2]

Source link

Tags:
, , , , , , , ,