South Korean crypto exchange Coinbin declares bankruptcy citing embezzlement

posted 3 months ago
South Korean cryptocurrency exchange Coinbin declared bankruptcy after suffering millions of dollars in losses, in part due to claimed embezzlement.

Coinbin published a notice on its website on Wednesday, stating that “increased debt” and “government regulation” led to the firm having to halt its business operations. Specifically, it said regulators’ suspension of its ability to issue virtual accounts to users was part of the cause, as well as increased operating expenses and liabilities from its collapsed subsidiary exchange Youbit. Coinbin suffered reported losses of $26 million.
Tags: bitcoin, news