There was a number of news today about the Cobinhood project and the DEXON project after the team canceled the freeze of the token and sold it on the market, causing prices to fall by more than 50 percent.
Blotempo said this news after the Cobinhood platform today announced its bankruptcy suspiciously and disclosed the fire of all exchange staff.
The shock to the crypto-community was that the project was praising itself and its success in the initial offering of DEXON, which managed to raise $ 3 million last month, a Cobinhood platform project.
It should be noted that the platform had hinted at the dismissal of staff for several months but justified it as allowing for the recruitment of more qualified personnel.
The initial launch of DEXON was launched last month and was scheduled to continue until today, May 20, however, the team appears to have taken the opportunity to declare bankruptcy and profit from the sale of DEXON symbols.
According to the report, the two responsible people behind the projects are ai-yuan ‘Popo’ Chen and Wei-Ning Huang, and are still trying to reduce and defend the fraud.
The DEXON project promised investors a lot. The paper stated that the project intends to develop a first-class blockchain, which is highly scalable and aims to solve all the underlying problems of existing blockchain systems.
According to this news, it now seems clear that the project is just a fraudulent project and was intended to raise the most money through the initial coin offering (ICO) before the official bankruptcy.
It should be noted that the Cobinhood platform launched the initial coin offering (ICO) in 2017, and was able to raise $ 13 million at the time.
The platform promised to offer trading options for 0% as trading fees and an unprecedented high performance compared to competitors. COB holders were supposed to receive the platform’s profit share.
The news pointed out that the transfer of large amounts of COB currencies suspiciously in the past hours, followed by large sales, causing the fall of the token rate by more than 50 percent.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view