Crypto Exchange FCoin Insolvent After Revealing Up to $130M Bitcoin Shortfall

From coindesk.com

FCoin, a crypto exchange that adopted the controversial "trans-fee mining" model, has paused trading and withdrawal as it reveals a shortage of crypto assets worth up to $130 million. Zhang Jian, the former Huobi CTO who launched FCoin in May 2018, wrote a lengthy post on Monday, saying the exchange is now unable to process users' withdrawal demands as its asset reserve has fallen short of its liability – and the gap is estimated to be about 7,000 to 13,000 bitcoin. The post, first published in Chinese and later translated on Reddit, comes as a shocking notice to users in China as the significant amount of assets ... (full story)