Token Investors May Sue After Former Korean Social Media Giant Shuts Down

Korean social media firm Cyworld launched a “clink” (CKCT) token earlier this year that is currently facing a lawsuit after the firm’s abrupt shutdown.

On Oc. 1 The Korea Times reported the investors of clink were left in uncertainty if their holdings continue to have any value after the shutdown.

Cyworld’s Decline in Popularity

On the other hand, two Korean exchanges CoinZest, and BitSonic that listed the little known token are considering its removal from the exchange.

Cyworld was launched in 1999 and was rose to popularity during the mid-2000s with some 32 million userbases. It fell during the subsequent rise of global players such as Facebook and Twitter.

In January, Cyworld conducted an initial coin offering (IEO) raising around $400,000. In 2015 it ceased its global services in 2014 to focus on South Korea.

The Korea Times reported that some of the investors of clink are considering filing a lawsuit against the firm and its CEO.

Clink’s Circulation

According to CoinGecko at the time of publishing a clink token was worth $0.00033266 and had a little over $10 in 24-hour trading volume

‘Clink holders are reportedly expected to lose over 1 billion won ($842,600) if the company doesn’t turn the situation around.’

CoinGecko reports the total number of clink in circulation as 10 billion coins.

Source: Coindesk.com

#clink #cyworld #ieo #SouthKorea

0 comments