Coinest closed its business as of 6 p.m. on March 16.

It said it would suspend accepting members, all trading and deposit, and completely shut down on June 30.

It informed investors of taking all their entrusted holdings before the shutdown deadline.

Coinnest CEO and employees face a criminal trial for stealing 45 billion won in cryptocurrencies from the accounts of its investors. The prosecution raided its office in March last year.