• Crypto Agent

New FCoin exchange clogs the Ethereum network

Newest Chinese exchange FCoin is causing all sorts of havoc in the crypto universe.

FCoin exchange, which is not recognized by CoinMarketCap supposedly saw over $17 Billion in trading volume over the last 24 hours. With Binance daily volume somewhere around $1.2 Billion this raised red flags immediately.

Founded by Zhang Jian, the former chief technology officer of Huobi, FCoin has a shiny new business model that effectively turns cryptocurrency trading into mining.

FCoin is issuing 51 percent of tokens to the public in exchange for making transactions on the exchange. For every transaction fee a user pays to FCoin in the form of either BTC or ETH, the platform will reimburse the user 100% of the value in FT coins.

Here is the reason ETH gas fees were so high recently

FCoin GPM listing forces all candidate teams to use massive gas fees to airdrop to FCoin accounts to create the deposit vote number. Each day top 5 were listed. Members of the community have appealed to founder Vitalik Buterin to do something about this as any future listing vote will result in same results.

Listed token so far are

FCoin GPM GTC(Game.com) 777(BiNGO.Fun) GUS(Guess Coin) CCCX(Clipper Coin) SOC(All Sports) BANCA(Banca) PRA(ProChain) BLZ(Bluzelle) DCC(Distributed Credit Chain) SSS(ShareChain) MDT(Measurable Data Token) TST(ThunderStone Token) PMD(PYRAMID) RTE(Rate3) XPS(Xpense) TCT(TokenClub) DWS(DWS) OCN(Odyssey) NGOT(NGO Token) DATX(DATx) AT(AWARE Token)

#FCOIN #fcoinexchange #newexchange #highvolume