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.