COSS exchange is falling into exit-scam question?
With each passing day, the cryptocurrency market continues to emerge with more new scams, most commonly the scam exits of exchanges or 100xxxx% profitable projects. And this time, the community is looking to COSS exchange (coss.io).
Shit — did I just make an exchange exit scam? Shit exchange round 3: COSS.
Yesterday, I messaged a COSS rep about wallet addresses so I could label them, as there was little attribution on COSS wallets — so little that balances made them appear to be insolvent.
— Rich Sanders [Jan/3➞₿?∎] (@Raindropactual) January 8, 2020
COSS exchange is getting into an exit-scam
COSS raised $ 3.2 million in its ICO in September 2017. This would be an adequate financial runway to have a minimum of six well qualified full-time devs and all other accounts (legal counsel, compliance always, etc.) if managed properly – and those are conservative estimates.
Apparently, COSS exchange has stolen an estimated 685,000 UFR tokens ($ 50,000 worth) from users and has refused to return them for more nine months under the audit guise.
Meanwhile, more than 50 other projects have been affected, including Enjin, LINK, Bancor, Kyber, Maker, ZRX, Loopering, OMG, REQ, and STORJ, Civic, Quant, and more.
COSS exchange (@COSScrypto) has stolen 300 users’ UFR tokens and has refused to return them for 9+ months – in total, stealing ~685k UFR. 50+ other projects have been affected as well, including @enjin, @omgnetworkhq, and @RequestNetwork. Please retweet to spread awareness!
— Upfiring (@UpfiringHQ) October 4, 2020
At press time, the COSS exchange announced all activity would be frozen for 3 – 4 weeks. Furthermore, Intershore representative Dawne Weekes registered Agent of the company “COSS Asset Management Limited,” located in the BVI, has finally resigned. The reason cited is to protect their reputation as they have not heard back from their Client (James Anderson) after multiple inquiries regarding the release of affected clients’ funds.
A few users believe that this story is not surprising by COSS was stealing user funds long ago. It’s almost like anyone can extend their exit scam for a year if they hire social media manipulation companies to look at the turf some hope.
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