Coin industry boss Zhang Jian: FCoin plummeted 96% and found a wife to take over
In Huang Zhendong's eyes, Zhang Jian is a workaholic. He has a deep belief in Bitcoin, and can memorize the full white paper written by Satoshi Nakamoto.
Half a year ago, Huang Zhendong was still working as PR for FCoin. While busy, he was out of touch for two days and two nights. He helped Zhang Jian contact the media for an exclusive interview and schedule an itinerary. When proud, Zhang Jian even bluntly stated to the media: FCoin is the greatest blockchain after Bitcoin.
On May 24, Zhang Jian returned to the coin industry with FCoin. His trading mining mechanism immediately attracted the attention of the market during the bear market. 51% of FT was returned to users through transaction mining, 80% of the platform revenue was returned to FT holders. Coupled with the invitation reward mechanism, the three major reward mechanisms were superimposed, like a thunder, and immediately blew up the market.
In less than two weeks, it rapidly emerged as the number one trading platform in the world. The trading volume surpassed the total trading volume of the second to seventh-largest trading platforms, which is impressive. One month after launch, FCoin's market capitalization surpassed 36.2 billion. This figure is 1.5 times that of Binance and 2 times that of Huobi.
“Sorry, I haven't slept in two days.” At the time, Zhang Jian revealed it in the community. “The team is working intensively, and FCoin achieved the goals it was originally planned to achieve in a year or two in just 21 days.”
As soon as Zhang Jian took action, he drilled a big hole in the exchange model, and the internet subsidy war burnt to digital currency exchanges.
FCoin's rise to prominence not only invaded the market share of other exchanges, but also threatened the original operating models of major exchanges as never before. Investors seeking profit and avoiding harm are beginning to demand that other exchanges match FCoin and refund processing fees.
The three leading exchanges, Binance, OKEx, and Huobi, were no longer able to hold back as a “game breaker” was slowly eroded by a “spoiler.” The “war” has begun.
Facing the strong rise of FCoin, Binance boss Zhao Changpeng criticized on Weibo that “transaction mining” is not only a disguised ICO, but also a high-priced ICO, and users should invest rationally. You use Bitcoin or Ethereum's processing fee, the platform “100%” refund, and get back the platform currency. Is this using Bitcoin or Ethereum to buy platform coins? How is it different from an ICO?
Faced with questions, Zhang Jian can be described as being full of ambition and enthusiasm at this time. In an interview with reporters, he said that he had long-term plans for FCoin, and that people who questioned FCoin didn't understand FCoin's logic.
Undercurrents are surging amidst a lively scene of singing and dancing leveling up.
The huge crisis is gathering energy under a calm surface, and everyone is blinded by FT's rapidly skyrocketing currency prices and high dividends.
Offer currency reform and step on the red line
After a short period of boom, the FCoin platform coin FT fell in response, falling from a high point of 2.8 yuan to 1.12 yuan, a drop of more than 60%. FT holders began to question FCoin, and even the combined benefits of several incentives couldn't keep up with the rate of falling currency prices.
Faced with the rapid decline of FT, Zhang Jian offered a second major killer — currency reform.
On July 2, FCoin launched the GEM platform, which initially listed 21 currencies. On July 5, it also announced the launch of the currency reform pilot zone.
The first knife transaction mining has broken through the sky, and the second sword is playing with currency reform. Zhang Jian has disrupted the entire coin industry.
The currency reform announcement directly refers to three types of projects: (1) the tokenization transformation of large-scale Internet platforms; (2) the tokenization transformation of large-scale physical industries; (3) global token economy innovation projects, especially the Belt and Road global digital economy+token project, and major innovation projects in the global infrastructure of the token economy.
Despite using the banner of currency reform, Yuandao and Meng Yan, two representative figures of the token faction, they claimed to the outside world that the purpose was to create a new form of large-scale token economy with blue chip characteristics, and establish value investment confidence in the new blockchain world.
Surprisingly, judging from the results, the currency change to FCoin was not as advanced as claimed.
Industry analysts believe that the currency reform essentially uses customer resources and traffic accumulated by large enterprises to import these traffic resources into FCoin and increase FCoin's transaction volume; that's all.
Zhang Jian's wishful thinking didn't work this time.
The first public project for FCoin's currency reform is BizKey, which claims that it will use smart blockchain POS machines to create usage scenarios for digital currency offline retail payments and set future offline digital currency payment standards.
However, the first currency reform project to launch FCoin was not BizKey, but QOS that joined the queue. After the launch was suspended for a short time, QOS started and fell to a standstill on the next day. It still fell to a standstill on the third day, then plummeted for four consecutive days, getting closer and closer to zero.
On August 17, the China Securities News published an article stating that QOS was suspected of illegal financing, and FCoin immediately issued an announcement to temporarily suspend QoS trading.
As the FT market continues to decline, Zhang Jian introduced a series of measures to try to recover the currency price and begin a journey to protect the market. Later results proved that this series of derivatives not only failed to save FT from fire, but instead caused a sharp drop, break, and shutdown one by one.
Finally, on August 14, FCoin stopped the increase in FT through a referendum. Zhang Jian slapped himself harshly, and the crazy transaction mining model came to an end.
The hustle and bustle of currency reform gradually dissipated, and Zhang Jian's hopes were dashed, and FCoin fell into internal and external problems. At this point, FT is already down 93% from its highest point.
FCoin withdrew from the domestic market under supervision due to the QOS breakdown and the lack of clear links between the project and the listed company Omar Electric, which triggered the Securities Regulatory Commission to name QOS “suspected illegal financing of token issuance.”
On August 27, an article called “A Leek's Bloody Tears Complaint” once again brought Zhang Jian and FCoin to the forefront. On the same day, FCoin announced the dissolution of its brand and marketing departments, founder Zhang Jian announced his withdrawal from WeChat, and the original office was empty.
On August 28, FCoin's official website indicated that the service will not be provided to users in mainland China for the time being. So far, FCoin's official website is still unable to be opened.
I left Japan and my wife took over
Looking back on those days, Huang Zhendong was still a bit in a daze.
He and Zhang Jian had no idea that FCoin would rise in a short period of time, let alone that FCoin would end in such a bleak situation. “Everything was so fast. The tall buildings got up too fast and fell too fast.” he said.
After a setback in the domestic market, Zhang Jian left Japan and left the mess of FCoin to his wife Li Yingying.
At the time, Zhou Xiaoxue, a former FCoin employee, revealed in her circle of friends: “Today's FCoin media conference officially announced that Zhang Jian's wife, Li Yingying, is fully responsible for the next market and operation. The boss lady will take off on FCoin's behalf. I'm looking forward to it.”
Li Yingying has never held any position on the FCoin team. When communicating with the media, she even said, “I'm a housewife. I'm not professional, and I can't represent FCoin.” However, she has been working for FCoin since its inception, and “I did all the previous community operations”, she stated to the media. She herself knows very well, “Actually, my character has always been more like 'Zhang Jian's Assistant'.”
According to previous reports, FCoin set up a community committee in early September. The members of this team include old members who became black fans in the FCoin community and were kicked back, as well as people who just learned about FCoin and haven't even invested in FT. They have no wages and are obligated to serve the community.
On the other hand, Zhang Jian's trip to Japan didn't go well either. 10/24 FCoin's official website in Japan announced that FCoinJP will soon be launched and the trading or mining model will be restarted. On November 1, FCoinJapan experienced a sharp decline just one week after it went live.
Afterwards, Zhang Jian disappeared from public view, and his whereabouts are unknown.
Li Yingying once made such a sincere comment on her husband at the end of an article, “I don't know if anyone can do a better job than him if I try again. Maybe 99% of people have fallen to an earlier interest level, so he's rare and valuable, but I hope that if he does it again, he can make fewer mistakes.”
Source: AI Finance & Economics
