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Detail Analysis

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Date:

Status:

Count:

Contributor:

February 20, 2019

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Verified

3

zerofriction.io

Loss Amount:

26,000,000

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

None

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Website:

No data

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Exchange

Assets

Insider Theft

Extended Method:

Insider theft

Data Sources:

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Coinbin, a south Korean cryptocurrency exchange, formerly Youbit and before that was Yapizon, is filing for bankruptcy with losses equivalent to more than $26 million after its debts grew after employees embezzled money. Park Chan-kyu, CEO of Coinbin, asserted that an executive in charge of managing cryptocurrencies, who previously served as the CEO of Youbit, the predecessor of Coinbin, had committed dereliction of duty and embezzled company funds. The executive reportedly claimed that he had removed hundreds of cryptographic keys to coin wallets containing hundreds of Bitcoin and lost the cryptographic key to a wallet containing more than 100 Ethereum coins last November. But Park said that it was not a mistake but an intentional act in that the executive is a cryptocurrency expert. The amount of the damage is estimated at 29.3 billion won including 27 billion won to be used for compensation of some former members of Youbit and 2.3 billion won of lost coins.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.