South Korea’s Prixbit Exchange Closes Down Due to Financial Difficulties


Criminal activity in the cyberspace is still taking a strong toll on the financial sector, including the cryptocurrency industry. In the past, several cryptocurrency exchanges have shutdown operations due to irreparable damage done by these criminals and now, South Korea’s Prixbit has just joined the list. According to an announcement in a local news publication, Prixbit has already closed down since Friday the 9th of August.

The announcement by the founder on Prixbit’s website said:

“Due to negative internal and external influences, management difficulties could not be overcome and normal operation became impossible. I would like to express my sincere gratitude to all of our customers who supported and loved Prixbit. I am so sorry that I did not live up to the support.”

The announcement further explains that Prixbit had consistently tried to fend off malicious activity including voice phishing, money laundering and hacking, amongst others but apparently couldn’t completely weather the storm, facing financial difficulties. Prixbit has however assured all its customers that all funds would be fully returned, putting forward an email address for any enquiries.

According to a BusinessKorea publication, almost 200 Korean cryptocurrency exchanges might be shutting down for various reasons, sometime in the near future. Apparently, this is because the general atmosphere is not exactly favourable enough, causing the team behind many virtual assets to chase listings in other countries. Interestingly enough, these overseas platforms are welcoming Korean assets with open arms.

Prixbit officially had its beta launch earlier this year and was set to open fully for business in September with the GRX and PRX tokens.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like