$130 Million FCoin’s Insolvency: Angry Users Attacked CEO’s Family Seeking Refunds

A group of angry victims of insolvent Chinese cryptocurrency exchange, FCoin, has reportedly gone after the family members of CEO Zhang Jian to get refunds for their missing funds, according to local reports. 

FCoin Users Not Impressed

Some of the affected users had formed several Rights activist groups since the CEO first announced that they are unable to repay users approximately 13,000 BTC, which are equivalent to $118 million at the time of writing and $130 million when the exchange became insolvent on February 17, 2020.

The latest update from the exchange, which was titled ‘Fcoin Truth,’ left many Fcoin users heartbroken as some reportedly had their life savings on the platform. 

Despite the fact that the company published that it would restart its operations and create a compensation plan for affected users, victims were seemingly not impressed by the announcement, and they had to seek an alternative route to get their money back. 

According to local reports, the activist group was able to trace the CEO’s family and relatives, including his wife, little aunt, and parents-in-law. The family members were able to seek refuge at the nearest police station before any damage could be done.

That, however, did not deter the angry Rights activists. They stormed the police station, blocked all three entrances, and took shifts to ensure that their targets did not leave the premises. 

FCoin To Settle Victims 

One of the victims, who alerted the activist groups about the location of Jian’s family, told the media that they wouldn’t leave until Zhang settles them, even if it takes up to a month. 

Since the last announcement on their plans to restart the exchange, there was no new info on behalf of the CEO and the exchange. At this point, it is still unclear when Fcoin intends to compensate the affected victims for their losses. However, the exchange did say that it will set up an asset-to-debt or equity-sharing plan as soon as possible.