The First of May we saw a vertical collapse of the currency of use of Cobinhood, at the first moment we were not very worried because it can happen that an exchange with scarce marketing and communication at some point starts to lose confidence and its payment coins are immediately sold.
Deepening we understood that there was an underlying problem, some volumes were not correct, I'm not saying that the exchange was hacked but kind of abandoned.
The big problem is within the company which led to a deep break and perhaps the start of a definitive closure.
What does this teach us?
That our funds must keep them in the hardware wallets like those of the family ledger.
This is the official letter
https://medium.com/@Cobinhood/a-letter-from-popo-chen-ed509029427b
On April 26, one of our institutional investors accused me, Popo Chen, of financial misconduct at a meeting of the board of Blocktopia, Inc. Since she was misled by false information, I agreed to cooperate with any legal investigation. However, all my access to the company was immediately removed, including my email address, slack, telegram and office badge.
The incident came in public in early May, when the team had to explain why Popo is no longer in the company. Later, the May 10, I met the other co-founder Wei-Ning, we both agreed that I had to leave the financial problem in court and return to the team.
However, following weeks of public disputes, COBINHOOD Ltd. had to announce its suspension to the authority of 20 May and all its employees must be legally fired. The parent company Blocktopia, Inc. therefore formed a smaller team to continue the DEXON Foundation and COBINHOOD Exchange operations. So far the COBINHOOD exchange and the DEXON main network are both functional and not affected.
The rumor of the exit scam perhaps due to the fact that all these incidents occurred immediately after the public sale of DXN tokens. Our initial goal was simple: to make DXN token distribution as decentralized as possible. We are all depressed about the difficulties we have encountered.
Personally I struggled a lot for the situation, to see the company I built from scratch now ends up closing. However, before the whole situation, the team had launched DEXON, our greatest success. I'm still convinced that DEXON is the most efficient and business-ready blocknet mainnet in the world right now.
I must apologize to those who eagerly awaited our declaration. It takes some time to go through all the possible solutions to make the company work, solve legal problems and disagreements among investors, then solve all the employees. I'm sorry, I couldn't explain before.
Finally, I would like to express my gratitude and my apologies to all supporters of WHAT B and DXN, the team couldn't get that far without everyone of you.
