Another Big Crypto Exchange Shuts Down! Do You Have Coins There?

[cryptozink]

If you have crypto at this exchange, you need to make a move now!

https://www.cryptozink.io/cobinhood-exchange-shuts-down-locked-users-money/

[1713920349]

1713920349

[1713920349]

1713920349

[1713920349]

1713920349

[boris singer]

nothing could be done because the refund process was reopened on February 10, 2020, at least they were still responsible, and were in the process of auditing.

it looks like cobinhood is dying slowly because there have been no updates in their official media and twitter since July 2019. I have an account there, and this news is not too surprising for me. They have had an ann thread here since 2017 https://bitcointalk.org/index.php?topic=2169745.0

[moviebuff777]

Yet another reason to keep coins off exchanges. They can just close their doors at any time and there is no guarantee that you will get your investments back.

One of the main advantages of cryptos is that we control the keys to our money, so don’t give that benefit away.

[ChuckBuck]

At least they still give a long time so people can update the information. You have enough time to withdraw all their platform funds to your wallet. Previously, I had some money in a large exchange, but when it closed, I didn't even receive any notice, and my money couldn't be recovered 

[Captain Corporate]

 First I tought it was "robinhood" which is another place that both does crypto but other stuff as well with zero fee and so forth, and I know they are super wealthy as well with all the money they get from investors and such, so I was shocked about hearing them getting closed. I never heard of cobinhood really, considering there is a company with over a billion dollar valuation named robinhood, to a person who never heard of it, cobinhood sounds like a phishing attempt at best. Considering they are going to start the "refunding" process , I am not as black on this as other people, maybe they will actually give people their money back, I know thats unlikely in crypto world but we can at least have a hope for those people.

[rijaljun]

If you have crypto at this exchange, you need to make a move now!

https://www.cryptozink.io/cobinhood-exchange-shuts-down-locked-users-money/

I often check this exchange last year, and I thought the exchange is okay. They absolutely can competate in the world market and pretty active doing 'giveaways' which I never joined any of them. In the other side, I don't think they are doing exit-scam cause why would it be called exit-scam if they refund people's money?

[The Sceptical Chymist]

Yeah, they just happen to be making their own decision to shut down and in the process are locking up their customers' funds for a month.  Right, that sounds legit.

This looks to be an obvious exit scam, and that month of lockdown is just a stalling tactic which reminds me of other exit scams where exchanges ran away with everyone's coins.   Unbelievable.  No, actually it's quite believable--but hopefully people were smart enough to not hold their coins on Cobinhood, though I'm sure some weren't and Cobinhood knew that.

It'll be interesting to see what happens in any event.

[SaShiRaJaVu]

At least they still give a long time so people can update the information. You have enough time to withdraw all their platform funds to your wallet. Previously, I had some money in a large exchange, but when it closed, I didn't even receive any notice, and my money couldn't be recovered 

I was checking you past posts looking which exchange you were talking about but could not find which exchange you lost money. I have not heard about this exchange but they are giving a decent amount of time for their users to withdraw their coins from the exchange and in the coming years expect more exchange shutting down as the restrictions are getting stricter.

[FairUser]

If you have crypto at this exchange, you need to make a move now!

https://www.cryptozink.io/cobinhood-exchange-shuts-down-locked-users-money/

I have read the news about this exchange before, this is a scam exchange and has locked money withdrawals in 2019 because they have become bankrupt. I still have some CMT there but have not yet withdrawn it to my personal wallet, for the simple reason that all the funds have been frozen. Ideally, we should only choose the leading exchanges in this market like Binance or Okex. These exchanges are reputable and do not easily crash, we will be much safer

[dimonstration]

Why there should be a 1 month lock, when they plan to shut down they must give or let their customer investor get all their investment now, no locking up. Its not the investors problem that they will shut down in the first place. This is really fishy, how they can guarantee that they will really return their investments or open the website for their investors. That's why I don't left investment now in exchange I just deposit when I plan to trade.

[Coin_trader]

It's sad to see cobinhood shut down. I invested in there ICO and already sold my profit. I thought they will continue project growth since they do good in 2017. I'm not updated anymore on there progress but this is the fate of all unregulated exchange. Its either they will exhaust on running the exchange or force shut down by the SEC.

FYI, Cobinhood is not that big exchange. I believe Robinhood have more user than Cob.

[Lanatsa]

Why there should be a 1 month lock, when they plan to shut down they must give or let their customer investor get all their investment now, no locking up. Its not the investors problem that they will shut down in the first place. This is really fishy, how they can guarantee that they will really return their investments or open the website for their investors. That's why I don't left investment now in exchange I just deposit when I plan to trade.

Same question and they have said that they do lock for doing some auditing but i dont really see the point yet they can just simply
let their users withdraw the funds directly without the need for lock up or 1 month wait.Somethings really fishy on this one and i feel sorry for its users on having that 1 month wait and cant be sure if they would open for withdrawals or would close its doors and gone forever without a trace.

[ChuckBuck]

It'll be interesting to see what happens in any event.

If I'm not mistaken, the same thing happened with cryptopia.co.nz. Do anyone remember it? It was a lesson for me to keep the money there, not much, but they took away. In the same way, they announced that they had to close the exchange, which was sudden information. And of course I lost all the money there. Hopefully the same thing doesn't happen here with Cobinhood

[adzino]

If you have crypto at this exchange, you need to make a move now!

https://www.cryptozink.io/cobinhood-exchange-shuts-down-locked-users-money/

I wouldn't call it another "big exchange". But yeah, this is why we should never be storing coins in an exchange. You never know when they will  be gone. At least coinhood started to audit user balance (i don't know why they would be doing this), so highly likely users will  be getting back their coins, but lets see if they keep their words or not.

[erikalui]

Again a scam exchange like Cryptopia. They notified the users and said to wait for 30 days to withdraw their own funds. Why wait? If they wanted to inform the users, they should have let them withdraw their money and then shut down. Cryptopia did the same by saying they will allow users withdraw their coins but they just declared bankruptcy and no sign for a year.

[pooya87]

haha. calling it big is like calling someone who owns $10 bucks a whale.
not to mention that actual "big exchanges" don't shut down ever because their revenue is so high and their control of the altcoin market with their own personal pumps is so profitable that they don't need to shut down ever. even small to medium size exchanges with worst reputation stay open. you can check out the shittiest exchange ever called yobit that has been open for years.

according to coingecko their volume has been barely above $20k and for the past 6 months it has been practically zero. and that is with zero trading fees!!! it is surprising that they haven't shut down a long time ago. https://www.coingecko.com/en/exchanges/cobinhood#statistics