Coinbin Go Bankrupt due to Employee Embezzling $26M

Funds withdrawal has been suspended since February 20 and user payments will be made in accordance to the law-based procedures
25 February 2019   267

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.

Park Chan-kyu
CEO, Coinbin

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.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   88

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.