It is very common to have cryptocurrency exchanges losing their tokens or coins to cybercriminals who hack the system. This time around, it is a different story for Singapore-based exchange FCoin, where the missing coins were not hacked, but burnt by its own employee.
The story starts with a dissatisfied employee of FCoin who revengefully destroyed all the token supply of the exchange. It was reported by a Chinese commentator, Molly from Bitcoin Magazine and HashKeyClub that the unnamed employee deleted all the database that kept track of the coins, out of anger towards the FCoin team.
Previously, the exchange made a public statement to their community that the team themselves had elected to destroy the remaining FCoin tokens. They said that their decision was based on a prior token burn the year before, in which the community held a referendum and elected to destroy a huge sum of FCoin tokens.
Apart from that, at the moment the exchange website is also under system upgrading saying “FCoin is during shutdown maintenance and services are suspended now. Please be forgiven for any inconvenience caused to you.”
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