COSS Exchange – Muddy Waters or a Clear Scam?
The cryptocurrency exchange COSS, famous for its Initial Coin Offering in 2017 that was supposed to introduce a new product offering for a one-stop platform for all thing crypto has fallen in a death spiral suggest the latest actions taken by the staff.
COSS has been in a struggle since late 2019 where it lost 90% of the traffic and user interest it used to have, the cold wallets were depleting and the company’s unkeep kept on rolling.
Scam Allegations
The exchange under Rune Evansen, who is rumored to be gone, has failed to keep on the promises of delivering a “very large puzzle” with each piece containing a different product such as a DEX, Full Fledged Crypto Exchange, Margin Trading part and much more.
Shortly after an unprecedented shutdown, which locked out users of their accounts, COSS has announced a comeback under new management. The exchange allegedly changed hands in a private deal, however, it is unknown who the new owner is. Shortly after, the company has changed the jurisdiction it operates under from Singapore to an unknown state.
After going live, the exchange denied access to existing users and is now enforcing a Know Your Customer procedure to any user trying to withdraw funds.
Hundreds of the COSS community members are questioning the legitimacy and the promised transparency and some are submitting documents to pass the KYC procedure under unknown owners and unknown jurisdiction to try their luck in sacrificing their deposited funds.
All of the information released by their staff recently leads the community and investors to believe that COSS is either a pure scam or led by a very incompetent staff, which is also dangerously close to becoming a scam in the near future.
The COSS community, or what’s left of it can be found in their telegram channel here.
It is advised, if any user had a low amount of funds on the exchange to not risk his identity documents under the unknown ownership, until the situation is resolved.
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