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.
Classy exit scam from @COBINHOOD & @dexonfoundation (same company). After raising $3M just last month (!!!), they unlocked all tokens, dumped on the market (!!!) and announced that they appointed a liquidator. Remember these people $DXN #Cobinhood $COB https://t.co/xUGJiUQBrr pic.twitter.com/ZUPyP2Bhg7
— TSS (@SandorReport) May 20, 2019
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.