The Singapore-based COSS exchange (Crypto One Stop Solution), which was founded 9 months ago, allegedly seized a total of $ 1.5 million in assets from its customers.
According to the tweet of Upfiring, which is a completely decentralized person-to-person file sharing application with smart contract support; seized some tokens of its customers from different projects, especially UFR.
COSS exchange (@COSScrypto) has stolen 300 users' UFR tokens and has refused to return them for 9+ months – in total, stealing ~685k UFR. 50+ other projects have been affected as well, including @enjin, @omgnetworkhq, and @RequestNetwork. Please retweet to spread awareness!
— Upfiring (@UpfiringHQ) October 4, 2020
Users who deposit various altcoins on the COSS exchange have not been able to access their funds since the beginning of this year. The reason for this is that the exchange has initiated an audit process for technological developments, user base and wallets.
9 months have passed, still no sound!
The same situation continues even though it has been a long time like 9 months since users were unable to access their tokens. Among the tokens seized by the exchange, the platform’s Ethereum address-linked COSS token, such as Chainlink (LINK), (DAI) Dai (DAI), Upfiring (UFR), Jetcoin (JET), KyberNetwork (KNC), OMG Network (OMG). There are also coins. Allegedly, the total value of all funds exceeds $ 1.5 million.
These coins held by the COSS exchange bring to mind the saying, “If it’s not your keys, it’s not your coin”. The importance of decentralized exchanges such as Uniswap is understood here. As it is known, in decentralized exchanges, ie DEXs, users have control of their tokens even in a trade situation.
It is also noteworthy that there is still no official and satisfactory statement from the stock exchange.