Why can’t I withdraw IFC (Why can’t I withdraw Flic coins)?

08/11/2023 08:27 • Tech Ticker • 108 views

Why can’t I withdraw IFC? Editor’s note: This article is from BlockBeats (ID: blockbeats) and authorized by Odaily Star Daily for reposting.

Recently, a project called f0x released a statement claiming that they have no user accounts that can withdraw IFC coins and stating that they are not part of the development team for this project. If the f0x team believes that there are security vulnerabilities or technical issues with this protocol, they will freeze the funds by withdrawing them from the platform to another wallet address. However, for f0x, the inability to trade IFC tokens normally has led to the inability to check and transfer the assets on exchanges, resulting in the inability to redeem these assets.

In response to this, some community members have proposed an explanation that IFCBT is an open-source application platform based on Ethereum smart contracts, which does not support any type of cryptocurrency or various ERC-20 standard tokens, and can only be used as a means of payment, not as collateral for lending businesses.

However, this statement is not entirely correct, but based on previous relevant laws and regulations, in the event of losses caused by hacker attacks, they should report it to the relevant authorities as soon as possible.

So why can’t IFCN issue tokens like other projects? Because most mainstream tokens on the market have already stopped circulating, such as USDT, HT, and other well-established digital currencies, which also do not have any actual value support. If these “air” tokens were to become tools for illegal transfers, they would be subject to legal sanctions, thus affecting their legitimate rights and interests.

Why can’t I withdraw Flic coins?

Since October last year, the price of Bitcoin has risen by more than 70%. According to Coinmarketcap’s data, nearly $600 million is currently in circulation, but no company has issued the digital currency Flic. This means that if investors want to buy Ffic coins, they can treat it as an investment tool for trading.

Why can’t it be withdrawn now? Because this issue itself is a very important reason: due to factors such as some countries’ lack of understanding of crypto assets, lack of relevant legal frameworks, and government regulation of the crypto industry, many projects simply cannot launch their own tokens. Therefore, the value and potential of these projects are also difficult to estimate. (Bitpusher)

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/23163.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Why can’t I withdraw IFC (Why can’t I withdraw Flic coins)?

Why can’t I withdraw Flic coins?

Related recommendations