South Korean cryptocurrency exchange Korbit has announced that it will no longer support the trading of five cryptocurrencies: dash, monero, zcash, augur, and steem. This announcement came just days after hacked Japanese exchange Coincheck confirmed the delisting of privacy coins.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Farewell to Five Cryptocurrencies
Korbit, one of South Korea’s largest cryptocurrency exchanges, announced this week that it will be delisting the cryptocurrencies currently offered through its Other Digital Assets service.
On Monday, local media reported that arrest warrants have been issued to employees of a South Korean cryptocurrency exchange. “Three of the company’s executives, who operate virtual currency trading site HTS Coin, were arrested for [suspicion of] fraud and embezzlement,” Money Today wrote. 
The exchange has 220 employees and 15 shareholders, the report details. It generated 333.42 billion won (~US$ 312 million) in operating revenue in 2017, a significant increase compared to the previous year of 4.32 billion won (~$ 4.1 million). Its net profit was 534.90 billion won (~$ 501 million) in 2017, up sharply from 2.51 billion won (~$ 2.4 million) in the previous year. 
The second largest crypto exchange in South Korea, Bithumb, recently announced that it is launching a “social media optimization payment platform.” Tentatively called SNS Pay, this P2P platform supports payments on social media including social networking sites (SNS) and blogs, the exchange detailed, adding that: 
Police officials and prosecutors in Seoul announced they have detained four executives of two South Korean cryptocurrency exchanges. Kim Ik-hwan, co-founder and CEO of Coinnest, and the other three suspects were taken in custody on Wednesday. A local court has issued warrants for detention for up to 48 hours, the Seoul Southern District Prosecutors’ Office confirmed. 
