Cobinhood took to Twitter to make the announcement, saying that it will take the one-month period to audit all account balances. It claims that the users can however withdraw their funds, but deposits are prohibited as the users could lose their funds .
COBINHOOD Exchange is shutting down and auditing all accounts ‘ balances from Jan 10 to Feb 9 in 2020. It will be re-opened on Feb 10, 2020. All COBINHOOD users can then retrieve their funds accordingly. Please DO NOT make any deposits ; it may result in permanent passing.
— COBINHOOD ( @ COBINHOOD ) January 10, 2020
Some users have already claimed they are unable to access their funds. furthermore, the substitute didn ’ deoxythymidine monophosphate offer any guidance to those who own COB tokens, its native crypto. cob owners were to receive dividends from the profits that the change would make. The presuppose profits would be from underwrite services for companies conducting ICOs as the Cobinhood exchange was a zero-fee chopine .
Despite the bolshevik flags, the Taiwan-based Cobinhood managed to raise over $ 10 million in its ICO. One of the factors was its partnership with Hollywood actor and singer Jamie Foxx, who endorsed the exchange ’ s ICO on his social media channels.
Following its ICO, Cobinhood founders allegedly had a dispute that culminated in one of them, Tai-yuan Chen, being kicked out of the party. The exchange claimed that Chen was suffering from emotional instability which was causing guard concerns for the employees. For a brief period, the employees were asked to work from home for their own condom .
shortly after, rumors that the ship’s company was planning an exit scam became prevailing. several reports claimed that the ship’s company had even appointed a liquidator and that the founders had made off with some of the money generated from its ICO.
Popo Chen, one of the founders, reassured users in May 2019 that no die scam was taking station. He blamed the upheavals on infighting between some of the institutional investors and the company ’ second management, an issue which they had since resolved .
The Cobinhood saga comes fair days after yet another substitution, COSS abruptly suspended deal on its platform. The singaporean exchange claimed that it was conducting sustenance of its systems and would halt trading for three to four weeks, a motivate that many interpreted as an die scam .
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