Coinbin, a South Korean crypto exchange, has now filed for bankruptcy, owing nearly $ 30 million to its clients and being unable to pay. This is evident from a message from on Twitter on 20 February.
South Korea’s cryptocurrency exchange, “Coinbin(코인빈)”, has filed for bankruptcy due to the loss of the wallet manager’s private key. https://t.co/WEULNNZetZ pic.twitter.com/9YpeTzwFbC
— Simon Choi (@issuemakerslab) February 20, 2019
Coinbin previously acquired the former Youbit trading platform in 2017. However, the current inability to pay is due to the actions of a senior executive who is said to have embezzled funds on a large scale, as the English-speaking Business Korea reports. So it says in the appropriate message:
“We are preparing for bankruptcy because one of our employees is involved in misappropriation of funds,…