Shutdown Notice by Cobinhood Exchange

Cobinhood and Dexon Foundation have left their investors high and dry by pulling off what appears to be a carefully planned greedy exit scam.

Just 9 months ago, Cobinhood and Dexon Foundation raised $3 million from investors, and one month later, they simply unlocked all of DEXON’s Coin (DXN) to dump onto the market.

Of course, the cryptocurrency exchange has suddenly announced that Cobinhood is closing its doors for good. And at the same time, they filed for bankruptcy, mentioning that liquidators have already been appointed to lay off its staff.

Now it is almost official, Cobinhood exchange, which promised low transaction fees and convenient desktop and mobile trading, is shutting down.

In a notice to users, the exchange said it is auditing all account balances and migrating data. The platform will be reopened on February 10, 2020, then users will receive a letter regarding the withdrawal process. After that, customers will be able to withdraw their funds.

Behind Cobinhood’s exit scam are the two co-founders Tai-yuan ‘Popo’ Chen and Wei-Ning Huang. And surprise surprise, Chen is also a co-founder over at Dexon Foundation. Another indication that this whole thing was planned from the start to defraud investors.

According to CoinMarketCap, the Cobinhood’s COB token is currently practically not trading anywhere. Its price has not recovered after the collapse amid rumors of an exit scam last May.

Image via CoinMarketCap

Author: Marko Vidrih

Featured image credit: Pixabay