South Korean crypto exchange Coinnest shuts down! Blames industry changes

18 Apr, 2019
by Joeri Cant
Exchange
South Korean crypto exchange Coinnest shuts down! Blames industry changes

According to a pop-up announcement on its website, the South Korean crypto exchange Coinnest has closed its doors, ending all services by the end of June this year.

According to Cointelegraph, the announcement reads that the South Korean cryptocurrency exchange Coinnest took the decision to close its doors, as the exchange apparently struggled to deal with the constant changes in the cryptocurrency and blockchain industry.

The process of ending all services began on Tuesday, April 16, and will be completed by June 30, when withdrawals of all funds will have been terminated.

The troubled cryptocurrency exchange's Twitter account hasn't been active since April 2018, ever since it was announced that prosecutors in Korea had been investigating cryptocurrency exchanges, which included Coinnest.

Apparently two Coinnest executives were accused of accepting bribes in exchange for listing crypto assets on the platform, and according to the prosecutors, the executives moved customers’ digital assets into their personal accounts, worth billions of won.

In a related matter, Chepicap previously reported that THOR Technologies CEO David Chin announced the shut down in a blog where he blamed regulatory issues, following earlier news that Thor had to lay of 50% of its staff.

Co-Founder & CEO at Thor, not to be confused with VeChain Thor, said that he is incredibly proud of the groundbreaking work the Thor team had accomplished, but that it was unfortunate that they did not achieve the commercial success they were looking for.

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