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South Korean cryptocurrency exchange Prixbit revealed that it will be shutting down its digital doors.
“Due to negative internal and external influences, management difficulties could not be overcome and normal operation became impossible,” an announcement posted on its website stated.
According to the notice, the exchange tackled with serious issues such as hacking, money laundering, and voice phishing. However, it still had to close its business now.
Prixbit assured its clients that they will receive all their deposits and asked them to provide customer details that are needed to process the refund.
It revealed that most of the refunds of the exchange’s native tokens, PRX and GRX, have already been completed. The exchange is encouraging those who still have tokens on deposit to register for a refund as soon as possible.
According to Business Korea, Prixbit’s failure is related to “financial difficulties” and investors’ concerns about their holdings. Except for four major cryptocurrency exchanges in the country, others do not have access to the banking ecosystem, making it hard for them to provide fiat-based services.
In fact, an estimated 97% of domestic cryptocurrency exchanges in the country are on the verge of bankruptcy because of low transaction volumes. As a result, most South Korean startups are reportedly starting to put their chances at stake abroad, with many listing their cryptocurrencies on overseas exchanges including the United States and Singapore.
There are also several tough local crypto exchange market conditions that are contributing to the efforts of listing overseas, including the fact that investors cannot make or withdraw deposits in the Korean won at Korean exchanges. In addition, about 200 smaller exchanges cannot open real-name virtual accounts, preventing crypto holders from benefiting investor protection.
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