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COSS Exchange Withholds Customers’ Tokens Worth $600k

COSS Exchange

For more than nine months running and counting, COSS ( Crypto One Stop Solution ) exchange – a Singapore based crypto exchange has held customers tokens worth over $600, 000.

According to a twitter post from Upfiring, an incentivized, smart contract-powered and completely decentralized app that encrypts and transfers files on a peer-to-peer basis, COSS has seized the tokens of its clients, UFR, as well as other tokens from different projects.

COSS Exchange; an All in One Crypto Exchange

COSS is an altcoin that integrates several cryptocurrency transactions on its website, including crypto trading, creating a platform for digital assets, acts as a payment portal for vendors, and also a Crowdfunding platform.

Several users had already signed up on the COSS exchange and deposited their different tokens for trading on the website. However, earlier this year, clients had no access to the tokens they had deposited.

According to reports, COSS exchange claimed that the reason clients had no access to their token, was that it was in the process of carrying out an Audit on the platform’s technology, its user base, and wallets.

Although it’s been over nine months, users still don’t have access to their tokens. Furthermore, COSS exchange native token, the Ethereum address attached to COSS had several other tokens there.

Some of these tokens are Chainlink(LINK), (DAI) Dai Stablecoin, Upfiring (UFR), Jetcoin (JET), KyberNetwork(KNC), OMG Network(OMG), and several others accumulating to over $1.5 million.

The Reality of Crypto Tokens

The supposed seized token by COSS exchanges brings to mind the reality that says “not your keys, not your coins”.

This would probably not have been the case if users had used popular exchange platforms like Uniswap to perform their token exchanged. With DEXs, traders still have total control of their crypto assets while even whilst on a trade session.

The reason behind the long token seizure is still unknown, several efforts to the exchange for a response has proved abortive.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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