Crypto Exchange COBINHOOD announces temporary shutdown
- COBINHOOD exchange announced a temporary, one-month-long shutdown that started yesterday and will end on February 9th.
- The shutdown is necessary for the exchange to audit user information and migrate data.
- The exchange should be fully functional on February 10th, but it warns users not to try to make deposits before that time, or they might lose funds.
According to a recent announcement posted by a cryptocurrency exchange, COBINHOOD, the platform will temporarily shut down for about a month. The shutdown will last from January 10th of this year, until February 9th. The exchange plans to use this time to audit their users’ account information.
Their official notice states that the exchange needs time to audit balances and migrate all of the data, but they remain confident that the platform will be back in business, starting on February 10th. Meanwhile, all of the platform’s users will be able to retrieve their funds at that time.
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However, the exchange also requested that its users do not make any deposits before February 10th, as doing so may result in a permanent loss of funds.
COBINHOOD is a crypto exchange that was founded three years ago, in 2017. Back then, it held an ICO that managed to raise around $10 million, thanks to the support from actor Jamie Foxx.
However, in September 2017, the exchange received a cease and desist letter from a zero-fee trading exchange known as Robinhood. According to the letter, COBINHOOD was confusing users with its name and color scheme, which were allegedly similar to Robinhood.
COBINHOOD also experienced difficulties last year in May, when its CEO and co-founder, Tai-yuan Chen, left the company. According to the exchange’s announcement, the CEO has stepped down due to ’emotional instability,’ which led to personal behavior that caused safety concerns. While unfortunate, the exchange survived the CEO’s departure and continue operating until yesterday, January 10th, when it shut down in order to perform its audit.