By : The bear market , but it hasn’t finished claiming victims. Coinnest — South Korea’s fifth-largest — shut down this week. Users have until April 30 to withdraw any remaining funds.
The closure comes months after a series of scandals roiled the crypto platform.
In a notice to users on its , Coinnest did not explain why it was shuttering, but thanked for their encouragement and patronage.
South Korean crypto exchange Coinnest is another victim of the bear market. | Coinnest
Bribery and $5 Million Accidental bitcoin Airdrop
As CCN reported, Coinnest has suffered a series of embarrassing, self-destructive scandals over the past year.
In April 2018, two Coinnest executives were charged to list multiple on the exchange.
Then, in January 2019, Coinnest accidentally in and Korean won to due to a computer error. The exchange asked users to return the misdirected funds, but were unable to recover much of the lost money.
Oops! South Korean Crypto Exchange Accidentally Sends Traders $5 Million in
— CCN.com (@CCNMarkets)
South Korean Government Banned ICOs
All this is unfolding as the South Korean industry remains mired in a struggle with federal regulators.
The South Korea government, under liberal President Moon Jae-in, recently banned ICOs and stripped crypto businesses of tax breaks following several high-profile .
The government’s harsh legislative stance has alarmed South Korea’s crypto community, which has mushroomed despite the country’s anti-growth policies.
Vitalik Buterin Champions Blockchain in Korea
However, that may change in time, thanks to the intervention of some influential members of the international crypto community.
Earlier this month, co-founder and a bipartisan group of lawmakers urged the South Korean government to . They say the current laws are overly restrictive and inhibit innovation.
Vitalik Buterin Urges South Korea to Deregulate , Embrace Crypto
— .network (@EthereumNetw)
Ethereum Creator: You Can’t Separate Crypto from Blockchain
While speaking at a meeting of the South Korean parliament on April 3, Buterin underscored that you cannot separate crypto from .
“ is a technology that can be run without , but there is no crypto without . Public blockchains rely heavily on cryptography. Therefore, are absolutely necessary.”
Buterin was reacting to the Korean government’s “, not ” stance. South Korean officials have promoted while undermining . But Buterin said crypto and are too intertwined and cannot be separated.
Craig Wright Threatens to Sue Vitalik
Meanwhile, Vitalik Buterin has remained curiously silent in response to threats of lawsuits by Australian crypto entrepreneur Craig Wright.
As CCN reported, Wright says he’s planning to sue Buterin and crypto podcaster Peter McCormack for defamation after the two called Wright “a fraud” on separate occasions.
They were responding to Wright’s repeated claims that he is creator Satoshi Nakamoto.
‘ Creator’ Craig Wright Drags Critics to Court to ‘Prove’ He’s Satoshi
— CCN.com (@CCNMarkets)
Wright Files $130,000 Libel Suit Vs. Podcaster
Craig Wright followed through on his threat by against McCormack in the U.K. on April 18.
Interestingly, Wright is only seeking damages of £100,000 (or roughly $130,000). That’s a small amount of money for a libel suit.
Wright has not yet formally sued Buterin, even though Vitalik has been about slamming Wright’s claims that he’s Satoshi.
Craig Wright is suing crypto podcaster Peter McCormack for libel. | Source:
Published at Fri, 19 Apr 2019 20:16:19 +0000