Shut Down of Korean Social Media Firm Cyworld Leaves Token Investors Uncertain

Investors in the “clink” token created by Korean social media company Cyworld earlier this year are taken by surprise by the company’s sudden closure.

As revealed in The Korea Times, Cyworld shut down operations on October 1 abruptly, leaving clink investors unsure if their assets keep on having any worth. Adding to the wreckage, two Korean exchanges that list the unpopular token, CoinZest and BitSonic, are thinking about taking down support.

Established in 1999 and became mainstream in the mid-2000s with around 32 million users, Cyworld’s client base fell during the consequent ascent of Facebook and Twitter.

To attempt to turn its fortunes around, Cyworld facilitated initial exchange (IEO) on CoinZest in January, securing roughly $400,000. The firm had been bleeding staff and resources for quite a while, having stopped its worldwide service in 2014 to concentrate exclusively on South Korea.

Since the website’s termination, Cyworld CEO Jeon Jae-wan and other firm officials have not been accessible for comment. Some clink holders are thinking about filing a claim against the company and its CEO, the Times says.

As of press time, each clink token was worth $0.00033266 and had somewhat more than $10 in 24-hour trading volume, as indicated by information provider CoinGecko. Clink holders are purportedly expected to lose more than 1 billion won ($842,600) if the firm doesn’t turn the circumstance around.

According to CoinGecko, the total number of clink in circulation amounts to 10 billion coins.