Coinbin, a South Korean crypto exchange, declared bankruptcy on February 22, 2019, citing foul play from inside the company.

Business Korea reported on Coinbin’s recent failure, claiming that the company had lost $26 million as a result of theft and the subsequent bankruptcy declaration. Coinbin’s CEO Park Chan-kyu claimed that the move was “due to a rise in debt following an employee’s embezzlement.”

After the exchange Youbit was hacked to the tune of several million dollars last year, Coinbin acquired it, and now Coinbin’s CEO claims that Youbit’s former CEO used his new position at Coinbin to carry out this theft.

Several exchanges in South Korea have been targets of similar fraudulent activities in recent months, both from scammers targeting legitimate businesses and from various exchanges turning out to be…

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Source: https://thebitcoinnews.com/citing-executive-embezzlement-korean-crypto-exchange-declares-bankruptcy/