According to their website, South-Korean crypto exchange platform Coinnest will be closing their doors for good in June.
The post also explained that the process had already begun, with a gradual shuttering of their services. Already they have removed the option for new memberships to be created. This will then be followed by an ending of all trading on May 30th. The final step will be taken at the end of June when withdrawal services will end. From now on in, users will be able to withdraw their funds at a discounted rate, with lower minimal withdrawals on offer.
The exchange has urged users to remove their funds as hastily as possible, with the post stating quite simply, “Please be sure to withdraw your assets before the withdrawal date. It is difficult to withdraw after withdrawal.” Since the announcement only around $23,000 worth of trades have occurred on the platform.
It is believed the reasons have come from their inability to keep up with the ever growing and expanding blockchain industry. However, there have also been a series of high-profile issues at the exchange which may also have been a factor in its closure.
This time last year, two executives at the exchange were accused of accepting bribes. Then, back in January, they lost 5million in BTC and other cryptocurrencies after an airdrop went wrong.
Jack Dorsey, the founder and CEO of social network, Twitter, is getting ever closer to the launch of his very own cryptocurrency. For some, founding one of the most popular social media brands in the world might be enough. For others, creating a successful payment system will tick the box of satisfaction. To accomplish both […]
Months of fantastic promotion and so much positive feedback from the first AI & Blockchain Summit of November 2018 have led to these couple of exciting days, with the 2019 2nd edition of this trailblazing conference. Our team at Cryptimi was delighted to be invited to this fantastic event, with VIP access no less, needless […]
Binance CEO, Chang Zhao has put a lawsuit into motion against, Sequoia Capital, a venture capital firm, after the company brought an injunction against him for breaching an exclusivity agreement. The case against him was dismissed after being found to have been “improperly obtained”. However, CZ, as he is known in the industry, is claiming […]
The Central Bank of Russia is reportedly considering the creation of a gold-backed cryptocurrency. The news comes directly from the governor of the bank of Russia, Elvira Nabiullina, who believes that it could have benefits in settling international settlements. She revealed this earlier today whilst addressing the State Duma, the lower house of the Russian government. […]
The Malta A.I. & Blockchain Summit, in partnership with CC Forum Blockchain, AI & Digital Innovation, expects to welcome more than 5,000 attendees, 400 exhibitors, and 1500 investors through its doors tomorrow, as the blockchain and emerging tech sector focuses its gaze on Malta, the Blockchain Island. The two-day event will connect global thought leaders, […]
The world’s most popular Youtuber, PewDiePie has caused a massive 67% increase on subscribers since joining DLive. Back in April, we reported on how the Swedish-born gamer and YouTube personality was set to join DLive, a gaming platform built on cryptocurrency. Well, it seems that he has made quite an impact already as their subscribers […]
According to reports from the local press, the cybercriminal was apprehended in the small Dutch city, Apeldoorn. The suspected has been identified as Berry van Mourik who back in 2017 accumulated $2.2million via a mining rig scam. Van Mourik had held the position as a senior executive of two firms which sold rigs. He promised […]
Two UK financial bodies have revealed that Britons lost a staggering £27million in scams involving cryptocurrency and Forex exchanges over the course of 2018/2019. The figure was uncovered by The Financial Conduct Authority (FCA), a UK financial watchdog, and, Action Fraud, a centre for scams and cybercrime. They revealed that most of the crime was […]