![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2020\/02\/Epic-Fail.jpg\")
<\/p>\n<\/p>\n
<\/p>\n
Chinese exchange FCoin has <\/span>announced<\/span><\/a> a relaunch of services, sporting a radical new business model: Don\u2019t Lose Everyone\u2019s Money.\u00a0<\/span><\/p>\n Deciding to revive FCoin after it shuttered was a long and arduous process that took well over\u2026 several days.<\/span><\/p>\n The exchange <\/span>closed down <\/span><\/a>a couple of weeks back. Its management\u2019s sure handling of figures was evident in founder Zhang Jian\u2019s admission that it owed customers somewhere between 7,000 and 13,000 BTC. The gaping hole between those two numbers, at current prices, is something along the lines of $60 million. But what\u2019s a few million between friends <\/span>when<\/span><\/a> “the route to hell is paved with goodwill”?<\/span><\/p>\n It clearly isn\u2019t paved with accountants.<\/span><\/p>\n This week, the exchange <\/span>blamed<\/span><\/a> the closure on \u201cpoor auditing,\u201d before announcing plans to reopen only a few days later.<\/span><\/p>\n Binance CEO Changpeng Zhao labeled it a pyramid scheme:<\/span><\/p>\n I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid 2018. Their founder call his own plan a “better invention than #Bitcoin<\/a>“. That did it for me. Who would say such a thing? About themselves? except scammers. https:\/\/t.co\/oNbZyDDkZe<\/a><\/p>\n \u2014 CZ Binance ??? (@cz_binance) February 17, 2020<\/a><\/p><\/blockquote>\n<\/h3>\n
\n