Singapore’s COSS Suspends Customer Accounts Worth $200M

Crypto One Stop Solution (COSS), a Singapore-based digital asset platform, has suspended the accounts of its 200,000 customers for one month without prior notice, Decrypt website reported Wednesday.

The sudden blackout of customer funds worth nearly $200 million raised concerns among investors that this was due to exit scam.

However, the exchange said the move was needed for implementing system upgrades.

“The exchange has been a mess. Now we are cleaning it up and hence this decision of shutting it down for four weeks and getting clean code that’s scalable, which works, and which suits the industry today,” said a COSS spokesperson.

The exchange had earlier asked developers to maintain their code since a new API would be launched in the coming few days. “However, no indication whatsoever of today’s shutdown”, the spokesperson said. “Apart from that, everyone was kept in the dark.”

The spokesperson pointed out that he kept suppressing customer fears all night, confirming that his company was not doing something wrong.

“We are not running away. I’m still there. We deal with everything and we stay as transparent as possible. So far, so good: the company hasn’t drained funds from its warm wallets—at least not of Ether,” he said.

The Singaporean exchange provides individual investors with access to over 50 coins, and a platform for IEOs. 

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.