Coss.io is entangled in an exit scam with millions in user funds
Recently, a Reddit user posted information, suspecting that the Coss.io exchange is stealing money from everyone. Even below the comment section, there are quite a lot of comments that agree with the article owner and revealed many suspected cases of scam users.
Exchange Coss.io is entangled in an exit scam with millions of dollars in user funds
Coss.io (Crypto-One-Stop-Solution) is a Singapore-based cryptocurrency exchange, founded in 2017, offering to trade in both cryptocurrency and fiat pairs. The special feature about Coss.io is that this exchange offers a program that pays 50% of the transaction fees to token holders. For a long time, this exchange has been seen to perform well and users will receive a share of the transaction fees.
Even so, the exchange hasn’t really gained traction. Therefore, in 2020, the former founder, Rune Evenson, sold Coss.io, giving it a merger with an Indian project called ARAX wallet.
Everything seems to be going well and the company has really improved the exchange around this time. Although before that the trading floor was still caught in a lot of dirty communication, the question of exit scam has not ended.
Furthermore, it is worrying that after the Coss.io exchange was acquired, the team sent an email with a footer showing that they were in the British Virgin Islands, under the name “COSS Asset Management Limited Intershore Chambers, Road Town, Tortola, British Virgin Islands”. Previously, the headquarters was located at 68 Tras St, Singapore 079007. With the above information, perhaps Coss.io has “fled” to a new place, plotting to steal all of their users’ money.
Since the merger, all user funds have been audited while they are transferred from the old exchange wallet to the new exchange wallet. According to the user, his funds have been “audited” for over a year and if you text the support staff, you’ll get the same pre-compiled response.
So up to now, Coss.io has stolen 17 ETH, 80,000 REQ, and 764 DAI from him without any explanation. That money is still somewhere no one knows.
Finally, this Reddit user calls out:
“If there’s anyone here with connections in Singapore or The British Virgin Islands that can track these fuckers down and help me bring them to justice then I will give you half of whatever funds can be recovered.”
Currently, this user claims to have sent a message to law enforcement teams in BVI and Singapore. However, there has been no new response.
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