Sudden Cyworld Shutdown Puts Clink Crypto Investors at Risk: Report
Adrian Zmudzinski's original article for cointelegraph.com reduced by 60%
South Korea's Cyworld social media platform shuttered its services on Oct. 1 without giving any prior notice, English-language local media The Korea Times reported on Oct. 14.
What's more, the website for its Clink crypto-asset has also become inaccessible. Some investors who bought Clink are reportedly considering filing a lawsuit against Cyworld and its CEO, Jeon Jae-wan. Unspecified industry officials reportedly estimate Clink investors to lose least 1 billion won if the company does not set things straight.
Twenty-four million units of the crypto asset were sold at 26 won per unit in an Initial Exchange Offering conducted on CoinZest on Jan. 11. Collectively 480 million won worth of Clink has been sold.
Clink's price has crashed 96% to 0.7 won on CoinZest, while being traded for 0.19 won on BitSonic as of Oct. 14.
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