Coinbin - Renowned South Korean Crypto Exchange Files Bankruptcy.

Coinbin - Renowned South Korean Crypto Exchange Files Bankruptcy.

2019-02-25 | Big Bob

Coinbin - Renowned South Korean Crypto Exchange Files Bankruptcy.

In line with recent official 'announcement', South Korea based cryptocurrency exchange namely ‘Coinbin’, that took over renowned hacked exchange Youbit, has filed for bankruptcy owing users nearly $30 Mln.

Coinbin, 'acquired' Youbit earlier in 2017, is closing operations as the result of stealing from a senior official, native media  source ‘Business Korea’ reported according.

“We are getting ready to file for bankruptcy due to an increase in debt’s following an employee’ robbery,” the publication quoted chief executive officer named ‘Park Chan-kyu’ added.

In line with the Coinbin' available data, the figure responsible for cryptocurrency management is at the middle of the scandal, having antecedently served as chief executive officer of Youbit. The latter ceased to exist in Dec. 2017 after two major hacks made operations not any longer possible.

The officials, referred to as Lee, reportedly appropriated the personal keys of many hundred Bitcoin [BTC] wallets, whereas claiming to lose the key for an Ethereum [ETH] wallet containing around 100 Ethereum.

The total Coinbin funds missing presently sum to around 29.3 Bln won [$26 Mln], of which 2.3 Bln [$2 Mln] is reported as lost.

These Coinbin revelations come as the cryptocurrency business is already digesting the fallout from another exchange shut-down, Canada’s 'QuadrigaCX'.

Currently the main target of legal proceedings and several 'rumors' following the death of its chief executive officer, earlier in Dec. last year, Quadriga owes its users around $190 Mln in cryptocurrencies and standard fiat.

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