South Korea's 5th largest Bitcoin exchange, Coinnest, shuts down

posted 4 months ago
South Korea’s 5th largest Bitcoin exchange, Coinnest, is shutting down. Once South Korea’s 3rd largest Bitcoin exchange, Coinnest stated “It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.”

The decision comes after a bad year for the exchange. A year ago an executive of the firm was arrested on suspicion of fraud and was later convicted, receiving a jail sentence and a $2.5 million fine. Coinnest also lost $5 million in a mistaken airdrop this January. The exchange had been trying to distribute We Game Tokens (WGT).
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