Investors who bought Clink tokens, which were issued by the South Korean social network Cyworld, are worried about the company’s sudden closure and even intend to go to court.
The Cyworld platform was launched in 1999 and until the mid-2000s was popular in the country. However, later the company lost its position in the market, as it could not make out in time the trend for the development of mobile solutions. On October 1, without any notifications to users, the platform was closed.
The Clink site was also unavailable. The Korean exchanges CoinZest and BitSonic, on which Clink is traded, are going to remove the asset from their sites. At the same time, Cyworld management completely ignores the situation and does not respond to numerous requests from investors, the losses of which may amount to at least 1 billion Korean won ($ 845,000).
Note that at the beginning of the year, the company tried to revive the social network and conducted an IEO on the CoinZest platform, selling 24 million tokens for a total of 480 million won ($ 400,000). However, this did not save the company and already in the second half of 2019, employees began to leave it, whose salaries have not been paid since the end of 2018.
At the very beginning of trading, the cost of Clink tokens was 26 won ($ 0.022). Currently, according to Coingecko, the price of tokens is 0.35 won ($ 0.0003). Clink’s current capitalization and turnover are unknown.