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South Korean Crypto Firm Coinnest Shut Down Its System Due to Crypto Market Changes

By Daniel T. | April 23, 2019
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South Korean Crypto Firm Coinnest Shut Down Its System Due to Crypto Market Changes

As said in a pop-up notice via its official website last week, Coinnest – a South Korea-based, high-profile crypto exchange firm – has started to cease its operations and closed down all services within the year.

According to the announcement, the crypto trading company has come to a decision to terminate its entire platform and services, after failing to come up with solutions to resolve hardships brought by the unpredictable shifts in the crypto and blockchain field.

The firm will initiate its platform closing protocols on Tuesday, April 16th starting with membership services, and is expected to finish the entire process by June 30th, when all fund withdrawals are completely canceled. Withdrawal cost and minimum withdrawal amount will be lowered to assist users in the process.

Coinnest has legally involved in a crypto investigation, as 2 of its managing members have been charged with taking bribes to put up digital assets for trading on Coinnest platform. These digital assets – which have been assessed to worth billions of won – have then been transferred to the said members’ personal wallets. Ever since the investigation was active for Coinnest case along with a few other crypto exchanges in April 2018, the company’s official Twitter account has gone offline.

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