News
Cyworld Suddenly Shuts Down Leaving Investors At Risk
Summary: Cyworld, the South Korean social media platform, has shut down their services without a single announcement to their users or investors detailing what was happening or providing a warning, according to the Korea Times. The shutdown includes the company’s crypto-asset Clink (CKCT). The website for Clink’s cryptocurrency has become inaccessible as well. This news has ...
Cyworld, the South Korean social media platform, has shut down their services without a single announcement to their users or investors detailing what was happening or providing a warning, according to the Korea Times.
The shutdown includes the company’s crypto-asset Clink (CKCT). The website for Clink’s cryptocurrency has become inaccessible as well. This news has cryptocurrency exchanges such as CoinZest and BitSonic considering delisting the coin.
This is expected to lead to significant losses for investors as industry officials have estimated Clink investors will lose about $844,000 if no refunds are issued. This has investors considering a lawsuit against Cyworld and its CEO, Jeon Jae-won.
On Jan. 11, the initial exchange offering that was conducted on Coinzest lead to 24 million units of Clink being moved for a total of $528,000. The Cryptoasset that was initially trading for 26 won has since been on a nosedive. The token is now sold for 0.7 won on CoinZest and a mere 0.19 Won on BitSonic.
By Ramsey Baker
Tags: Clink,Cryptocurrency,Cyworld,Social Media,South Korea
Link: Cyworld Suddenly Shuts Down Leaving Investors At Risk [Copy]
