Coinbin is a South Korean cryptocurrency exchange which traders known for taking over the hacked exchanged Youbit. In today’s crypto news, we are seeing the exchange and its plans to file for bankruptcy, owing users more than $26 million from their Bitcoin and altcoin savings, according to official correspondence from the company.
After acquiring Youbit in 2017, Coinbin started closing operations as the result of employee embezzlement. More precisely, it was the embezzlement from a senior executive, according to local media including the English-language resource Business Korea reported.
As the CEO of the exchange Park Chan-kyu was quoted saying:
“We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement.”
This scandal is in the center of the news sections, especially because of the CEO who had been the CEO of Youbit as well – an exchange that ceased to exist in December 2017 after two major hacks made its operations no longer possible.
Currently, the total funds missing amount to 29.
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3 billion won which translates to $26 million, of which $2 million is reported as lost.
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