South Korean exchange Coinbin (formerly Youbit) declared bankruptcy after it discovered a shortfall of 29.3 billion won, according to CCN.
Marketplace published a notice that it is forced to stop operations due to "debt growth", as well as due to "government regulation".
We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement.
According to him, the possibility of withdrawing funds in cryptocurrency and fiat money has been suspended since February 20. Payments to users will be made in accordance with the procedures provided by law.
Pak also noted that his employee deleted cryptocurrency keys from "hundreds of wallets" containing bitcoins and more than 100 ETH. The attacker acted intentionally, in order to assign digital assets equivalent to $ 26 million.
Coinbin acquired Youbit in 2017. Prior to this, Youbit twice a year has been cracked, and then declared bankruptcy.