Sudden Cyworld Shutdown Puts Clink Crypto Investors at Risk: Report

South Korea’s Cyworld social media platform shuttered its products and services on Oct. 1 with out giving any prior understand, English-language native media The Korea Instances reported on Oct. 14. What’s extra, the website online for its Clink (CKCT) crypto-asset has additionally turn out to be inaccessible.

In accordance with the inside track, native cryptocurrency exchanges supporting Clink, specifically CoinZest and BitSonic, are actually taking into consideration delisting the token. Additionally, some traders who purchased Clink are reportedly taking into consideration submitting a lawsuit in opposition to Cyworld and its CEO, Jeon Jae-wan.

Nice losses are anticipated for traders

Unspecified business officers reportedly estimate Clink traders to lose least 1 billion gained (about $844,000) if the corporate does now not set issues immediately. 

Twenty-four million gadgets of the crypto asset had been offered at 26 gained in line with unit ($zero.022) in an Preliminary Trade Providing performed on CoinZest on Jan. 11. Jointly 480 million gained ($405,000) value of Clink has been offered.

Since then, Clink’s worth has crashed 96% to zero.7 gained on CoinZest, whilst being traded for zero.19 gained on BitSonic as of Oct. 14. 

In step with The Korea Instances, the corporate has noticed a large exodus of staff in the second one part of this yr when it not on time paying them because the finish of 2018 after its newly introduced on-line information provider QUE failed to draw customers.

Cyworld was once a well-liked social media platform till the mid-2000s, having about 13 million customers in 2005 in keeping with The Age. Consistent with the file:

“Nearly each and every South Korean of their 20s has been a subscriber to the website online, in keeping with the president of SK Communications, Yoo Hyun-oh, who owns it.”

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