This Crypto Exchange Just Pulled a $3M Exit Scam

Cobinhood, a well-known exchange, is being accused of pulling an exit scam. Last month, their associated company DEXON Foundation and its token DXN raised $3 million, but on May 20 the exchange has been reported to have filed for bankruptcy.

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Cobinhood’s token (COB), has gone down in price by 50% over the past 30 days and DXN has plummeted greatly as well. The COB token was sold in an ICO last year, raising $13 million. Etherscan shows that large amounts of COB have been moved recently.

Cobinhood has not made an official statement about the allegation.

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