FCoin

2018-05-01

FCoin exchange launched by Zhang Jian, former Huobi CTO, introducing the 'trans-fee mining' model that reimbursed 100% of trading fees in FT tokens.

2018-06-26

FCoin reported peak 24-hour trading volume exceeding $17 billion, claiming to surpass Huobi, OKEx, and Binance combined. Industry competitors and analysts raised widespread skepticism about wash trading.

2018-07-19

FCoin's Bitcoin holdings peaked at approximately 13,272 BTC according to subsequent PeckShield on-chain analysis.

2018-08-31

FCoin's Bitcoin balance had fallen to approximately 3,759 BTC — a loss of nearly 10,000 BTC in six weeks. PeckShield later concluded the cashflow problem may have emerged at this time.

2019-06-01

FCoin established a complete back-end auditing system approximately mid-2019, according to Zhang Jian's own admission — over a year after the platform launched and after the reward over-issuance error had been running.

2019-09-01

AnChain.AI's analysis found a spike in Bitcoin movements out of FCoin's cold wallets beginning in September 2019, five months before the insolvency announcement.

2020-02-10

FCoin announced a burn of 720 million FT tokens. Within days, the exchange suspended all trading and withdrawals citing 'technical upgrades.'

2020-02-13

The final 54 BTC were drained from FCoin's primary cold wallet, according to AnChain.AI's on-chain analysis — four days before the public insolvency announcement.

2020-02-17

Zhang Jian published 'FCoin Truth,' publicly admitting the exchange was insolvent with an estimated shortfall of 7,000–13,000 BTC (approximately $67–130 million). He denied hacking or intentional fraud and attributed the deficit to a data error and poor auditing.

2020-02-21

PeckShield published its on-chain report revealing FCoin's Bitcoin outflow problems as early as July 2018, two months after launch.

2020-02-26

AnChain.AI published on-chain analysis tracing fund flows from FCoin's cold wallets to multiple exchanges including Huobi, OKEx, Binance, and Gate.io, raising but not conclusively proving exit scam allegations.

2020-03-01

Zhang Jian resurfaced promising to reopen FCoin and return funds, forming an 'interim committee' (ICPC) to oversee relaunch and compensation. No concrete timeline or verified repayment followed.

2021-01-01

FCoin team announced preparations to restart the platform and process refunds, proposing two debt repayment mechanisms including a trading-volume-based unlocking scheme. Subsequent analysis indicated full repayment under the proposed structure would take over 100 years.