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Author Topic: COBINHOOD Exchange Announces Closure, Public Calls It Exit Scam  (Read 36 times)

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Offline Alexane johnson

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COBINHOOD Exchange Announces Closure, Public Calls It Exit Scam
« about: January 10, 2020, 01:25:48 PM »
Cobinhood, a Taiwan based cryptocurrency exchange has announced the news of its shut down out of the blue. The crypto exchange which gained popularity because of its low transaction fee and easy to use desktop and mobile trading announced the news via a "closure notice" sent out to its users.  The notice informed the users that the exchange was shutting its operations and the auditing process is going on to look into account details.


The notice informed that the exchange would reopen on February 10 and by that time the auditing process will be completed as well. The exchange would then send out emails to all the users whose fund is currently locked in with the detailed process of retrieving those funds. The notice also asked users to refrain from any further deposition of funds.
Community Calls Cobinhood Another Exit Scam
As soon as the news of closure notice became public, people started to call it an exit scam and many commented that the signs were visible from the past year. Last year, Cobinhood's parent company Dexon Foundation which raised $3.5 million through the public sale of DEXON token. Later in the month of May 2019, Dexon Foundation announced bankruptcy. A user at that point rightly pointed out that the exchange may be a part of an elaborate exit scam and tweeted,


The public announcement also took a toll on the native tokens of the exchange as well as the parent company Dexon where the value of the COB token fell by 95% and the DEXON token fell by 50%. 


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COBINHOOD Exchange Announces Closure, Public Calls It Exit Scam
« about: January 10, 2020, 01:25:48 PM »

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