25/02/19 06:00 UTC-4

Coinbin, the South Korean stock-exchange, declares bankruptcy with a loss of $ 26 million

Coinbin, the South Korean cryptocurrency exchange, which switched to the hacked Youbit exchange, declared bankruptcy at a loss of $ 26 million, – according to the announcement of the company.


Coinbin closes operations

Coinbin, which acquired Youbit in 2017, closes operations as a result of embezzlement by the senior manager. Local media, including Business Korea, an English-language resource, subsequently reported: "We are preparing to file for bankruptcy due to the growth of debt after employee wasted", – quotes the publication of general director Park Chan-kyu.

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According to the information responsible for the management, previously held the post of Youbit CEO , is in the center of the scandal.

The executive director, known as Lee, reportedly appropriated the private keys of several hundred Bitcoin wallets (BTC), claiming that he lost the key of Ethereum's wallet (ETH) containing 100 ETH.

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The total amount of missing funds currently stands at 29.3 billion South Korean won, of which 2.3 billion ($ 2 million) is claimed as lost.

Editor: Yuliya Soroka

See also: "Poloniex cryptocurrency exchange closes for technical work"

#exchange #SouthKorea #Coinbin #Youbit #bankruptcy



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