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Bitcoin Bear Market Forces Korea’s Fifth-Largest Crypto Exchange to Close

Get Exclusive Analysis and Investing Ideas of Future Assets on Join the community today and get up to $400 in discount by using the code: "CCN+Hacked". Sign up here. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1524167859587-8'); });Get Exclusive Analysis and Investing Ideas of Future Assets on Join the community today and get up to $400 in discount by using the code: "CCN+Hacked". Sign up here. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1524167859587-0'); });TweetShareBy CCN: The bitcoin bear market might be over, but it hasn’t finished claiming victims. Coinnest — South Korea’s fifth-largest cryptocurrency exchange — shut down this week. Users have until April 30 to withdraw any remaining funds. The closure comes months after a series of scandals roiled the crypto platform. In a notice to users on its website, Coinnest did not explain why it was shuttering, but thanked customers for their encouragement and patronage.South Korean crypto exchange Coinnest is another victim of the bitcoin bear market. | CoinnestBribery and $5 Million Accidental Bitcoin Airdrop As CCN reported, Coinnest has suffered a series of embarrassing, self-destructive scandals over the past year. In April 2018, two Coinnest executives were charged for accepting bribes to list multiple cryptocurrencies on the exchange. Then, in January 2019, Coinnest accidentally airdropped more than $5 million in bitcoin and Korean won to customers due to a computer error. The exchange asked users to return the misdirected funds, but were unable to recover much of the lost money.Oops! South Korean Crypto Exchange Accidentally Sends Traders $5 Million in Bitcoin — (@CCNMarkets) January 22, 2019South Korean Government Banned ICOs All this is unfolding as the South Korean cryptocurrency industry remains mired in a struggle with federal regulators.The South Korea government, under liberal President Moon Jae-in, recently banned ICOs and stripped crypto businesses of tax breaks following several high-profile crypto scams. The government’s harsh legislative stance has alarmed South Korea’s crypto community, which has mushroomed despite the country’s anti-growth policies. Vitalik Buterin Champions Blockchain in Korea However, that may change in time, thanks to the intervention of some influential members of the international crypto community. Earlier this month, Ethereum co-founder Vitalik Buterin and a bipartisan group of lawmakers urged the South Korean government to deregulate the blockchain industry. They say the current laws are overly restrictive and inhibit innovation.Vitalik Buterin Urges South Korea to Deregulate Blockchain, Embrace Crypto@VitalikButerin — (@EthereumNetw) April 7, 2019Ethereum Creator: You Can’t Separate Crypto from Blockchain While speaking at a meeting of the South Korean parliament on April 3, Buterin underscored that you cannot separate crypto from blockchain. “Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.” Buterin was reacting to the Korean government’s “blockchain, not bitcoin” stance. South Korean officials have promoted blockchain while undermining cryptocurrencies. But Buterin said crypto and blockchain are too intertwined and cannot be separated. Craig Wright Threatens to Sue Vitalik Meanwhile, Vitalik Buterin has remained curiously silent in response to threats of lawsuits by Australian crypto entrepreneur Craig Wright. As CCN reported, Wright says he’s planning to sue Buterin and crypto podcaster Peter McCormack for defamation after the two called Wright “a fraud” on separate occasions. They were responding to Wright’s repeated claims that he is bitcoin creator Satoshi Nakamoto.‘Bitcoin Creator’ Craig Wright Drags Critics to Court to ‘Prove’ He’s Satoshi — (@CCNMarkets) April 18, 2019Wright Files $130,000 Libel Suit Vs. Podcaster Craig Wright followed through on his threat by filing a libel lawsuit against McCormack in the U.K. on April 18. Interestingly, Wright is only seeking damages of £100,000 (or roughly $130,000). That’s a small amount of money for a libel suit. Wright has not yet formally sued Buterin, even though Vitalik has been far more vocal about slamming Wright’s claims that he’s Satoshi.Craig Wright is suing crypto podcaster Peter McCormack for libel. | Source: CoinGeekdocument.addEventListener("DOMContentLoaded", function(event) { var commentBoxDiv2 = document.getElementById("vuukle-comments"); var commentBoxDivAfter2 = document.getElementsByClassName("tags")[0]; var cloneCommentBoxDiv2 = commentBoxDiv2.cloneNode(true);commentBoxDiv2.parentNode.removeChild(commentBoxDiv2); commentBoxDivAfter2.parentNode.insertBefore(cloneCommentBoxDiv2, commentBoxDivAfter2.nextSibling); });#vuukle-comments{position:relative!important} var VUUKLE_CONFIG = { apiKey: "c0756128-a51e-44af-9c60-d971619bf980", articleId: "175481", tags: "Bitcoin, Coinnest, south korea", author: "Samantha Chang", // LangwordpressSync: true, eventHandler: function (e) { console.log(e); if (e.eventType == 'wpSync') { jQuery.ajax({ type: 'POST', data: { "action": "save_comment_to_db", "comment_ID":e.comment_ID, "comment_post_ID": e.comment_post_ID, "comment_author": e.comment_author, "comment_author_email": e.comment_author_email, "comment_author_url": e.comment_author_url, "comment_content": e.comment_content, "comment_type": e.comment_type, "comment_parent_ID": e.comment_parent, "user_id": e.user_id, "comment_author_IP": e.comment_author_IP, "comment_agent": e.comment_agent, "comment_approved": e.comment_approved, "comment_date": e.comment_date, "comment_date_gmt": e.comment_date_gmt, "comment_karma": e.comment_karma, "_wpnonce": "fb35edf329" // WPCS: XSS ok }, url: "/wp-admin/admin-ajax.php", beforeSend: function () {}, success: function (data) { } }); } }, // Articles - recommendations in emotes and comments widget recommendationsWideImages: false, globalRecommendations: true, // Colors darkMode: false, // By Widget theme: {color: "108ee9"}, comments: { vuukleAuth: true, disqusAuth: true, hideRecommendedArticles: false, hideCommentInputBox: false, enabled: true, commentingClosed: false, maxChars: '3000', countToLoad: '5', toxicityLimit: '80', spamLimit: '90', sorting: 'latest', transliteration:{ language: 'en', enabledByDefault: false, }, }, emotes: { enabled: true, hideRecommendedArticles: false, size: '70', // icons size firstImg: '', firstName: 'Yeah!', secondImg: '', secondName: 'Careface', thirdImg: '', thirdName: 'hmm..', fourthImg: '', fourthName: 'HAHA', fifthImg: '', fifthName:'PISSED', sixthImg: '', sixthName: 'cry baby', disable: [], }, powerbar: { enabled: false, defaultEmote: 1, items: [ 'twitter', 'facebook', 'linkedin', 'messenger', 'whatsapp', 'reddit', 'messenger', 'pinterest', 'flipboard', 'email', ], customUrls: { twitter: ` Bear Market Forces Korea’s Fifth-Largest Crypto Exchange to Close&url=`, }, },}; (function () { var d = document, s = d.createElement('script'); s.async = true; s.src = ''; (d.head || d.body).appendChild(s); })(); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1524167859587-2'); });(function() { var referer="";try{if(referer=document.referrer,"undefined"==typeof referer||""==referer)throw"undefined"}catch(exception){referer=document.location.href,(""==referer||"undefined"==typeof referer)&&(referer=document.URL)}referer=referer.substr(0,700); var rcds = document.getElementById("rcjsload_f09f3b"); var rcel = document.createElement("script"); = 'rc_' + Math.floor(Math.random() * 1000); rcel.type = 'text/javascript'; rcel.src = """&c="+(new Date()).getTime()+"&width="+(window.outerWidth || document.documentElement.clientWidth)+"&referer="+encodeURIComponent(referer); rcel.async = true; rcds.appendChild(rcel); })(); var vuuklehb = vuuklehb || {}; vuuklehb.que = vuuklehb.que || []; var passbackAdunit = { slotId: "/213794966/vuukle-widget/", slotSizes: [[250, 250], [300, 250], [400, 250],[400, 300]], adId: "div-gpt-vuukle-passback" }; vuuklehb.que.push(function(){ vuuklehb.loadPassbackAds([passbackAdunit]); });