Crypto Exchange Suspends Withdrawals, Trapping 1 Billion Won
CryptoNewsTerminal Staff06 Aug, 2024
Crypto Exchange Suspends Withdrawals, Trapping 1 Billion Won
Virtual Asset Exchange Suddenly Discontinues Service A virtual asset exchange has abruptly suspended its services, leaving over 1 billion won (approximately $837,000) in user funds inaccessible. The exchange, which remained unidentified, initially halted withdrawals for nine months for a scheduled system inspection but then unexpectedly discontinued service. Investors File Fraud Allegations Investors who had their funds trapped filed a police report, accusing the exchange's CEO of fraud and breach of trust. The authorities are investigating the matter, but no arrests have been made yet. Impact on the Virtual Asset Market The incident has shaken the virtual asset market and raised concerns about the security and reliability of cryptocurrency exchanges. Investors are urged to carefully consider the risks associated with investing in virtual assets and to choose reputable exchanges with strong security measures.
