$ 29,552.00 0.99%
$ 1,955.80 0.32%
$ 48.08 1.86%
$ 0.083410 0.14%
$ 7.40 0.25%
$ 1.38 0.97%
$ 0.000193 20.32%

Clink token investors jittery over Cyworld closure

Clink token investors jittery over Cyworld closure

Clink token investors are furious after the sudden closure of token’s parent company, Korean social media giant Cyworld. The sudden demise of Cyworld on October 1, have devastated the people who purchased its Clink tokens. They are now left in the lurch and wondering about the value of their tokens.

Additionally, exchanges CoinZest and BitSonic are in talks to remove support for the token. These two exchanges are the only place where the token is legally listed, and hence this news will further erode the investor’s confidence.

Rise and fall of Cyworld’s Clink Token

Cyworld was the social media platform of choice before Facebook and Twitter. In the mid-2000s, it boasted of thirty-two million (32M) followers. Ever since it shut down its worldwide operations in 2014, it has been surviving only in South Korea. It has minimal finances and also severing employees to cut costs.

To turn profitable once more, Cyworld undertook an initial exchange offering. It was conducted by CoinZest in January this year, and four hundred thousand dollars ($400,000) were raised. Though it’s a relatively small amount, it was seen as a positive sign by the investors.

Uncertain Clink token investors now staring at litigation

Ever since the website has been shut down, Clink token investors are getting jittery. Chief executive officer Jeon Jae-wan and other top staff of the company have not made any public appearances. Naturally, some Clink investors are considering taking the litigation route to hold the executives accountable. However, as of writing this report, no lawsuit has been filed officially.

Coin investors will lose somewhere close to one billion won ($842,600) in case the firm goes down. Even if the situation somehow magically turns around, the confidence erosion has already happened. Currently, there are ten billion (10B) Clink coins in circulation, including those available for trading.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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