Yesterday we reported that crypto exchange FCoin is going under. This was revealed by the CEO in a note to the investor. In the same note, he added that over $70M worth of Bitcoin would be lost.
The Chinese firm was the first exchange to do so. This, as we explained in our earlier post, would see investor trust of exchanges drop.
Justin Sun To The Rescue
Now, TRON CEO and founder Justin Sun are looking to woe the victims of FCoin exchange. Earlier today BitTorrent which is owned by Justin Sun announced it would be gifting all victims of the tragedy $1,000 BTT. BTT is the token that backs BitTorrent.
The users will be gifted with the tokens through the Poloniex exchange. Sun also has an interest in this exchange after collaborating with it through his Tron project.
The CEO noted this:
… I contacted
and we decided to launch a campaign. All Fcoin user who signs up on http://Poloniex.com (http://pwang.com) can claim 1000 $BTT.
Despite the small amount, this is our token of gesture to recover the loss for users of the #crypto world!
While the BTT on offer is quite big, this has been a mere gesture. BTT is currently trading for $0.00053. This means that every user will be getting around $53 cents at current prices. So, again, this is a mere gesture and maybe a ploy to grow adoption.
As we reported yesterday, there is likely to be some legal action in the days to come since in excess of $70M is not a small amount. However, we are yet to see any get in progress.
Top analysts and exchanges have taken this opportunity to remind investors to be wary of the projects they invest in. A single technical slip up or wrong decision from the top could result in lost investment.
Even here at CryptoMute, we urge you to do your research before investing in any project.