South Korean bitcoin exchange Coinbin, which became the successor to the hacked exchange Youbit, called himself a bankrupt, after he had suffered material damage in the amount of $26 million, writes the portal Business Korea.

According to him, Coinbin CEO Pak Chan-Kyu announced bankruptcy on February 20, together with the payment of cryptocurrency and Fiat has stopped and will continue to be carried out within the legally established procedures.

Pak said that the company’s employee, formerly the CEO Youbit and became its COO in terms of the agreement, neglected his duties and squandered funds Coinbin. In addition, the new owner moved obligations to customers resulting from hacking Youbit.

“We are preparing to initiate bankruptcy proceedings due to the occurrence of the debt caused by embezzlement of funds by our staff”, he added.

According to Puck, the malefactor has declared that has removed the crypto keys of cold wallets containing hundreds of bitcoins, and lost access to the wallet, which was more than 100 ETH. Pak insists that these actions were done intentionally with the purpose of assignment of assets of the exchange and was not a mistake.

Youbit was hacked in 2017, twice: in April and in December. The circumstances of the second break-in became reason for suspicion of the exchange in an attempt of the insurance fraud.

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