Crypto exchange, Coinbin has filed for bankruptcy citing “employee’s embezzlement” as the cause. The South Korean exchange platform today confirmed that they will be perusing bankruptcy channels, with a suspected debt of 26million looming over their heads. They announced internal issues last week, in several separate statements posted online, that revolved around company debt and issues with government regulation. However, real trouble was apparent when on Friday the halted all trading on the account. Traders fears were officially confirmed by company CEO, Park Chang-Kyu, when he announced, “We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement.” The platform was born as a result of a takeover of Youbit in 2017, following a hack that cost the company 17 million which insurers refused to payout for. It is likely now that Coinbin will now suffer the same fate and be dismantled. Interestingly, it is suspected that the employee accused of the embezzlement was a former employee of Youbit and was responsible for the storage of cryptocurrency funds. Speaking in reference to the employee, Chang-Kyu explained he had “committed dereliction of duty and embezzled company funds.” While other factors are said to have contributed, it seems the embezzlement was the nail in the coffin for Coinbin. It is expected that all funds invested will reach their owners as part of the insurance procedures.