The Korea Times close
National
  • Politics
  • Diplomacy
  • Defense
  • Labor & Environment
  • Law & Crime
  • Health & Welfare
  • Embassy
  • Seoul & Provinces
  • Education
  • Foreign Communities
  • Obituaries
  • Multicultural Youth Award
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Finance
  • Policies
  • Economy
  • Markets
  • Banks
  • Non-banks
  • Economic Essay Contest
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Lifestyle
  • Arts
  • Books
  • Travel & Cuisine
  • Trend
  • Fashion
  • Around Town
  • Fortune Telling
Entertainment
  • K-pop
  • K-dramas & Shows
  • Movies
  • Music
  • Performances
  • Asia Model Festival
Sports
  • Football
  • Golf
  • Baseball
  • Other Sports
World
  • Asia Pacific
  • Americas
  • Europe & Africa
  • SCMP
Video
  • On the Spot
  • Feature
  • News
Photos
  • Photo News
  • Darkroom
Community
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Policies
  • Economy
  • Markets
  • Banks
  • Non-banks
  • Economic Essay Contest
Sun, January 17, 2021 | 12:43
Markets
Crypto investors alarmed at Cyworld shutdown
Posted : 2019-10-14 16:02
Updated : 2019-10-14 16:40
Mail
Print Preview
Font Size Up
Font Size Down
Home page of Cyworld's cryptocurrency Clink / Courtesy of Cyworld
Home page of Cyworld's cryptocurrency Clink / Courtesy of Cyworld

By Park Jae-hyuk

Those who invested in Cyworld's cryptocurrency Clink have been concerned whether they will be able to retrieve their investments, as the former most popular social media site is facing a business shutdown, according to industry officials, Monday.

The social media platform, which had its heyday last decade, shuttered its services Oct. 1 without giving any notice.

Following the abrupt suspension, the Clink website has also become inaccessible, and investors are asking Cyworld to issue an official statement addressing rumors about the platform's planned closure.

Cyworld CEO Jeon Jae-wan and other company officials, however, have been unavailable for comment, since the rumors went viral.

Against this backdrop, CoinZest and BitSonic, domestic crypto exchanges that trade Clink, are considering delisting Cyworld's digital currency.

Some Clink investors said they are thinking of filing lawsuits against Cyworld and Jeon.

According to industry officials, the investors are expected to lose at least 1 billion won ($845,305), if Cyworld fails to be normalized.

When the company carried out an initial exchange offering (IEO) of Clink via CoinZest, Jan. 11 ― an attempt to revive the dying platform ― it sold 24 million units of Clink which were collectively worth 480 million won.

The virtual currency was also sold at 26 won per unit, when it was officially listed on crypto exchanges, May 23.

Following Cyworld's failure to attract users with its newly launched online news service QUE, however, the company faced an exodus of employees in the second half of 2019 as they had experienced payment delays since the end of 2018.

Since then, the price of Clink at CoinZest fell to 0.7 won per unit in October, down 96 percent from five months earlier.

At BitSonic, it was traded at 0.19 won per unit as of Monday.

Launched in 1999, Cyworld enjoyed popularity as a major social media platform until the mid-2000s, posting about 100 billion won in annual sales and hosting about 32 million users in its prime.

However, the service yielded to overseas platforms such as Facebook and Twitter after failing to adapt its PC-based service to the mobile environment in the 2010s when smartphones started to gain traction.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter









 
WooriBank
 
  • Korea eases restrictions on cafes, gyms
  • Uniqlo makes rebound after closing unprofitable stores
  • New virus cases in 500s for 5th day as gov't announces eased restrictions
  • Bangladeshi embassy opens 2021 with series of events
  • Establishing laws not panacea for solving social issues
  • Trump to leave Washington on morning of Biden's inauguration
  • Tenbagger companies' resurgence in stock markets
  • Pompeo pushes new claim of China covering up COVID origin
  • End of Merkel era begins as German CDU picks new party leader
  • 'Anything can happen' with Tokyo Olympics: Japan minister
  • Ex-BIGBANG member Seungri indicted for mobilizing gang members to threaten people Ex-BIGBANG member Seungri indicted for mobilizing gang members to threaten people
  • Film 'Minari' to hit local theaters in March Film 'Minari' to hit local theaters in March
  • BLACKPINK's Jennie gets 600 million YouTube views with debut single 'Solo' BLACKPINK's Jennie gets 600 million YouTube views with debut single 'Solo'
  • K-pop star IU to drop new single 'Celebrity' this month K-pop star IU to drop new single 'Celebrity' this month
  • iKON's Bobby to make solo comeback iKON's Bobby to make solo comeback
DARKROOM
  • Second Trump impeachment [PHOTOS]

    Second Trump impeachment [PHOTOS]

  • Pro-Trump rioters breach the US Capitol

    Pro-Trump rioters breach the US Capitol

  • Our children deserve better (Part 2)

    Our children deserve better (Part 2)

  • Migrants hard hit by COVID-19: UN migration agency

    Migrants hard hit by COVID-19: UN migration agency

  • Happy New Year 2021

    Happy New Year 2021

WooriBank
  • About Korea Times
  • CEO Message
  • Times History
  • Content Sales
  • Media Kit
  • Contact Us
  • Location
  • Privacy Statement
  • Terms of Service
  • Mobile Service
  • RSS Service
  • Ombudsman
  • hankookilbo
  • Dongwha Group
  • Code of Ethics
Copyright