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South Korea’s Coinbin Files for Bankruptcy With $26 Mln Loss, Cites Employee Embezzlement

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Coinbin, the South Korean cryptocurrency exchange that took over hacked trade Youbit, has filed for chapter owing customers nearly $30 million, correspondence from the corporate showed on Feb. 20.

Coinbin, which acquired Youbit in 2017, is final operations as the results of embezzlement from a senior government, native media together with English-language useful resource Business Korea due to this fact reported.

“We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement,” the e-newsletter quoted CEO Park Chan-kyu as pronouncing.

According to to be had data, the determine in command of cryptocurrency control is on the heart of the scandal, having in the past served as CEO of Youbit. The latter ceased to exist in December 2017 after two main hacks made operations now not imaginable.

The government, referred to as Lee, reportedly appropriated the non-public keys of a number of hundred Bitcoin (BTC) wallets, whilst claiming to lose the important thing for an Ethereum (ETH)  pockets containing 100 ETH.

The overall budget lacking these days quantity to 29.three billion gained ($26 million), of which 2.three billion ($2 million) is reported as misplaced.

The revelations come because the cryptocurrency trade is already digesting the fallout from every other trade shutdown, Canada’s QuadrigaCX.

Currently the point of interest of legal proceedings and numerous rumors following the death of its CEO in December 2018, Quadriga owes its customers round $190 million in crypto and fiat currency.

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