Somerset, United Kingdom, May 13, 2022, ZEXPRWIRE, Cyworld (싸이월드) is a platform like Myspace in South Korea with over 40 million customers. Currently, South Korea has a inhabitants of about 51.7 million, so it may be stated that almost all Koreans used Cyworld as a substitute of Myspace. However, Cyworld was unable to maintain up with this development and ended service in June 2020. Later, a firm referred to as “Cyworld Z” acquired Cyworld. All the controversy started when Cyworld Z launched a cryptocurrency named Cyclub in 2020 and CyDotori in 2022 with the assistance of a firm named Metalabs.
However, Ho Kwang Kim, CEO of Metalabs and co-founder of Cyworld Z, was dismissed from Cyworld Z in December 2021. .. During a court docket battle between CyworldZ and Metalabs, CyworldZ has re-announced two extra cryptocurrencies named CyCon and Dotori.
Investors who’ve invested in the previous Cyclub and CyDotori currencies at the moment are confused as CyworldZ all of a sudden introduced two extra cryptocurrencies whereas the court docket battle was not over but. In addition, Cyclub and CyDotori went bankrupt attributable to a court docket battle, and CyworldZ claims that Cyclub and CyDotori are now not “authentic” Cyworld-related cash, and don’t have anything to do with the Cyworld platform. However, CyworldZ obtained roughly 129M Cyclub (CYCLUB) tokens from Metalabs for Cyworld co-ownership and bought 1/3 (43M) of CYCLUB.
Looking on the Cyclub value chart, the value of Cyclub dropped dramatically after it was revealed that Cyworld Z bought the 43M Cyclub. In addition, Kim’s dismissal passed off throughout this era, so in the Korean crypto group, CyworldZ applied a “pump and dump scheme” in opposition to Cyclub, and Kim was dismissed in an inner dispute associated to this scandal. There are rumors claiming that it was executed.
CyworldZ has introduced new official Cyworld-related cryptocurrencies like CyCon and Dotori, however rumors, scandals and court docket battles are nonetheless going on, so the process for itemizing them will not be that simple. For instance, it’s tough to checklist cryptocurrencies in scandals, so critics commented that the explanation why CyworldZ labored with the CONUN group to vary CONUN to CyCon is as a result of CONUN is already listed on the Bithumb change. It claims to be for the sake of it. If your cryptocurrency is already listed on the change and also you declare that a branding and renaming has occurred, you possibly can bypass the tough itemizing process. In addition, Dotori has been postponed indefinitely to Mexc with out mentioning the timeframe. There is not any cause for it to be introduced by both facet, so critics imagine that scandals make it tough to checklist cryptocurrencies related to Cyworld Z.
Suspicion of the unfold of the rumors, the sudden dismissal of the CEO after the dissemination of the rumors, the sudden announcement of the casual dismissal of the 2 earlier official cryptocurrencies, and the sudden launch of two extra cryptocurrencies. The court docket battle continues to be going on, so it is onerous to inform the distinction between rumors, scandals, controversies, and whether or not the facet is true. Nevertheless, the dispute is on no account good for the change in phrases of itemizing, as they don’t need to inflict bother. But lately, Bitmart has turn out to be the primary cryptocurrency change to checklist Dotori (DTR) cash, the cryptocurrency in the midst of this dire controversy.
A supply in the Korean blockchain trade stated, “Cryptocurrency buyers had been the toughest hit in the method of the battle between CyworldZ and Metalabs.” Maybe, however the system must be ready in order that buyers can see correct knowledge. “