Cobinhood shutting down

[boyptc]

Yes, you read the title right so don't deposit anymore there. Withdrawal will commence one month from now, on February.

Read the tweet --> https://twitter.com/COBINHOOD/status/1215558951778996225

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[Lanatsa]

Yes, you read the title right so don't deposit anymore there. Withdrawal will commence one month from now, on February.

Read the tweet --> https://twitter.com/COBINHOOD/status/1215558951778996225

Thanks for the update and reminder. Another exchange bites the dust but its better to be this way yet they do inform the public.
1 month for audit is way too long imho but lets hope that there would be no unfortunate thing to happen along the way or would changed up their mind.
The market is getting better but its odd that they do go to close its doors.

[figmentofmyass]

Read the tweet --> https://twitter.com/COBINHOOD/status/1215558951778996225

this is pretty shady. they are shutting down for a month---during which they will "audit" accounts---and after that (in february!) customers are finally allowed to withdraw their funds. and they are openly stealing any new deposits from this point forward.

new exit scam method?

[boyptc]

Read the tweet --> https://twitter.com/COBINHOOD/status/1215558951778996225

this is pretty shady. they are shutting down for a month---during which they will "audit" accounts---and after that (in february!) customers are finally allowed to withdraw their funds. and they are openly stealing any new deposits from this point forward.

new exit scam method?

I also don't understand that kind of condition, if they are closing just like the others that have closed already.

They should let their users withdraw their balances within a specific period of time before the closure not after a month.

1 month for audit is way too long imho but lets hope that there would be no unfortunate thing to happen along the way or would changed up their mind.

It is too long for them to audit but they should focus first for the withdrawal of their users before that.

[boyptc]

this makes sense now... i was trading with cobinhood a while ago and the trading software i was using dropped support for them. so i moved on a while ago. had to dig for their tweet https://twitter.com/Haasonline1/status/1132084848242200578

If you have funds sitting there, you can't withdraw it for now.

You have to wait until a little over a month and hope that they are still there by that time.

[bitcampaign]

I have left Cobinhood for a long time due to the very low trading volume so I do not feel sure to keep my funds there, I knew this would happen if this closed it would add to the long list of crypto exchanges that were closed due to bankruptcy and cases on hacks, I had warned some of my social media friends are now to withdraw their funds later and stop the deposit there, if they still keep it, thanks for this news

[milewilda]

Another exchange adds up on the pile.
via Imgflip Meme Generator

[hugeblack]

new exit scam method?

Fools are not learning, this quote is from their tweet of last May.

Statement: There is no exit scam, neither bankruptcy. The company has been through a lot but we are still alive. Here is a letter from Popo to everyone

They seem to repeat the same scenario that happened several months ago, so if they were able to pay off their debts, they would return the money to the users, otherwise the "audit" period might extend until they could continue.

I think it's a new soft exit scam method.

Any way How about COB tokens?

[The Sceptical Chymist]

Any way How about COB tokens?

I don't know anything about COB and had to look it up on coinmarketcap--is that what's considered an IEO?  In any case, it makes me shiver when people hype coins like BNB, because the performance of coins like that are completely dependent on how the underlying exchange is doing, and if the exchange goes bust so does the coin or token.  It doesn't look like Binance is going to go bankrupt or pull an exit scam anytime soon, but you never know with any of them.

As far as Cobinhood is concerned, this really looks sketchy.  I'm not sure why they'd have to freeze all their customers' assets for a month while they do some audit, nor did they give an adequate explanation as to why they're shutting down.  The only good reason I can see for a solvent exchange to shut its doors is to pull an exit scam.  Nothing else makes sense to me.

It'll be interesting to see if people are able to pull their money out in a month.  I'll definitely be paying attention to that.

[audaciousbeing]

Unfortunately, we are subjected to objections and counter objections of this business and there is nothing anyone can do about it because they have made their decisions and no one to call them to order. My concern is for those who have funds on their platform and to those who held their exchange backed coin thinking that very soon it will hit all time high and they can make some massive returns on it but that is never going to happen. I won't be surprised if these same guys would gather again and launch another platform or product under a new guise and still rip unsuspecting members of the crypto community.

[squatter]

Any way How about COB tokens?

They are still trading on Mercatox at 0.00000004 BTC. Strangely enough, the market barely reacted to this news. I guess most people gave up on Cobinhood a long time ago.

I don't know anything about COB and had to look it up on coinmarketcap--is that what's considered an IEO?

Not exactly. Cobinhood launched an ICO in 2017 to build its exchange. The token was supposed to provide value/utility in various ways, much like Binance's BNB token.

In any case, it makes me shiver when people hype coins like BNB, because the performance of coins like that are completely dependent on how the underlying exchange is doing, and if the exchange goes bust so does the coin or token.

They are basically securities, much more like stocks than cryptocurrencies. That's okay by me. I just wish people understood the risks. It's like buying pink sheet stocks -- lots of those companies go belly up.

[1Referee]

It'll be interesting to see if people are able to pull their money out in a month.  I'll definitely be paying attention to that.

Most will, but there are always those who cry afterwards because they didn't pay attention. I remember the same happening with Bittrex and BTG. People cried that Bittrex was unclear and didn't offer enough time while they were straight forward right off the bat. I do agree that more time is always a good thing, but people should keep an eye on the exchange they store their coins on.

If you don't keep an eye on the exchange that holds your funds, you are begging for something like this to happen. I'm not going so far to say that you deserve to lose your funds, but it's close to that. When I trade on an exchange and have to keep my funds in a position, I always check their Twitter and other social media pages. Nothing will catch me by surprise.

[Chrystora123]

Another exchange adds up on the pile.
via Imgflip Meme Generator

the inability of management to handle business and the lack of innovation from development to attract users is the average cause of the bankruptcy of a businesses.  exchanges that don't innovate to attract users will definitely be the next!!  very sad for what happened to Cobinhood.

[Dalmar]

I read the many facts on Twitter about the misunderstanding among the CobinHood investors and everything has started after this point. The lack of support and delayed withdrawals brought the end of the journey. I am worried about the user data and the sent documents for KYC. Is there such possibility they can use these documents for shady places?

[logfiles]

I thought this exchange shutdown last year 
I was one of the people who had an account with them and though i barely used it, i realized at one point that they had disabled withdraws yet deposits were working meaning that if you deposited in your money, it could get locked in there and you couldn't withdraw it. It was so shady and more like a planned exit scam so i even deleted their app off my phone.

There was even a time they were all over media over rumors of bankruptcy a few weeks later, I don't know how people missed the news and continued using the exchange.

1. https://coindoo.com/cobinhood-cryptocurrency-exchange-declares-bankruptcy/
2. https://insidebitcoins.com/news/cobinhood-crypto-exchange-shuts-down-after-rumors-of-bankruptcy/246817
3. https://bitcoinexchangeguide.com/cobinhood-files-for-bankruptcy-as-struggles-leave-many-wondering-if-an-exit-scam-is-imminent/
4. https://blockgeeks.com/news/cobinhood-declares-bankruptcy-analysts-suspect-exit-scam/

[Bttzed03]

FYI, the auditing period is over (Feb. 9, 2020) and anyone who still has funds stuck in there should be able to withdraw by now. I'm surprised they haven't made another announcement but I guess it's no longer necessary.

~
not exactly. you can request withdrawals for BTC, BCH, BCHSV, and ETH.

Crypto Refund Schedule: Why can I not retrieve cryptos right away?
~

Thank you for this. I only checked their twitter account, my bad.

[figmentofmyass]

FYI, the auditing period is over (Feb. 9, 2020) and anyone who still has funds stuck in there should be able to withdraw by now.

not exactly. you can request withdrawals for BTC, BCH, BCHSV, and ETH.

Crypto Refund Schedule: Why can I not retrieve cryptos right away?

From Feb 10, 2020
BTC, BCH, BCHSV, ETH

From Feb 18, 2020
ERC20 tokens

From Feb 25, 2020
ACT, LTC, ZEC, CMT, DASH, EOS, LSK, LSTR, VTHO, and NANO

From March 3, 2020
DXN, DOGE, TRX, VET, XEM, XLM, XMR, XRP, XTZ, NEO, MIOTA, QTUM and GAS

*Please note that the refund schedule may be subject to change.

this exit still smells pretty fishy to me. let's see if everyone reports receiving BTC and ETH withdrawals.