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Sudden shutdown of South Korean social media platform, Cyworld puts Clink (CKCT) crypto investors at high risk

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

South Korea's Cyworld social media platform abandoned its services without any prior notice on October 1. Following the abrupt suspension, the website for its cryptocurrency Clink has also become inaccessible, leaving the investors worried. Local crypto exchanges supporting the token are considering to delist the coin, and investors aim to file a lawsuit against the firm. A massive amount of 1 billion is estimated to go into loss if the network fails to set things right.

Cyworld, the South Korean social media platform, abruptly shuttered its services on October 1 without any prior notice. Along with it, the website for its Clink (CKCT) cryptocurrency has also become unavailable. The Korea Times, a local media reported the shutdown, highlighting the following risks investors are put to post the sudden abandonment by the network. 

In response to the untold action, domestic crypto exchanges supporting Clink, particularly CoinZest and BitSonic, are starting to consider the delisting of the token. Furthermore, investors are demanding an official statement, but the CEO and other officials seem to stay unavailable to comment — people in the worrisome zone plan to file a lawsuit against Cyworld and Jeon Jae-wan, the CEO. 

If the situation subsists, several industry officials report an estimate of 1 billion that can drain down the loss road. When the platform carried out an IEO on CoinZest in January, it sold 24 million units of its cryptocurrency, around 480 million in Korean won. 

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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