Singapore-based crypto exchanges employee allegedly burned $75m of FCoin

FCoin, a Singapore-based cryptocurrency exchange, recently had an incident that the crypto community managed to notice, although nobody knew what it was about. At first, many believed that the exchange was hacked, which was not surprising, considering how many others have fallen to hackers in recent years. However, over time, the truth started to surface, and the situation ended up being significantly more complicated.

The working theory right now is that the
exchange had a rogue employee who decided to damage the exchange by burning its
entire coin supply. As many likely know, the process of coin burning doesn’t
involve actual burning. Instead, the coins are locked away in a wallet from
which they cannot be retrieved.

The source of the new information ended up
being a Chinese commentator tied to HashKeyClub and Bitcoin Magazine, known as
“Molly.”