Crypto exchange behind Jamie Foxx endorsed ICO is temporarily shutting down

Exchanges • January 10, 2020, 1:47PM EST
The Block

Cryptocurrency exchange COBINHOOD has announced that it will temporarily shut down its platform between Jan. 10 and Feb. 9. in order to audit users’ account information. 

“COBINHOOD Exchange is auditing all accounts' balances and migrating all data from Jan. 10 to Feb. 9 in 2020,” the notice read. “It will be reopened on Feb. 10, 2020. All COBINHOOD users can then retrieve their funds accordingly.”

“Meanwhile, please DO NOT make any deposits,” the notice warned. “It may result in permanent loss.”

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Founded in 2017, the exchange raised $10 million in an ICO, buoyyed by an endorsement from actor Jamie Foxx.

Yet in September of that year, zero-fee trading exchange Robinhood issued a cease and desist letter to COBINHOOD for allegedly confusing users with a similar brand name and color scheme. 

Last May, COBINHOOD announced that its co-founder and CEO, Tai-yuan Chen, had left the firm since his “emotional instability and personal behaviors have caused safety concerns of all employees.”

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Yilun joined The Block in November 2019. She has a policy background and extensive experience in reporting and writing. She has worked on stories ranging from business to politics.