After Locking Up Users $2M Crypto Holdings, COSS Exchange Is Acquired By An Unnamed Partner
Even though there are still more than two hundred thousand clients who continue to remain locked out of their COSS exchange accounts, the crypto exchange states that everything will be fine soon.
News reports emerging on 4th February 2020 indicate that COSS, the crypto exchange platform based in Singapore has been taken over by a new team. But what these reports do not state is who or which company has acquired the Singaporean cryptocurrency exchange.
COSS has been acquired. 🎉
— COSS Official – Crypto One Stop Solution (@COSScrypto) February 3, 2020
This news report is just but the latest in a month-long narrative that led to the crypto exchange locking users out of their accounts. In the process, it ended up locking down around two million dollars’ worth of crypto belonging to its clients.
According to a company rep who spoke at the time, the reason why the clients were locked out was that the firm was in the process of upgrading its internal systems. The rep stated that clients would have to wait for up to a month before they could regain access to their accounts. And three weeks later, clients are still unable to access their funds.
Alleged Acquisition by Unnamed Investors
Satyarth Mishra the COSS community relations manager has not been forthcoming with any meaningful details pertaining to this alleged acquisition. The company has also not released details related to the purchase price as well as the buyer’s name. Mishra told Decrypt that:
“The new team that has taken over has experience with algorithmic trading and has a team of trading technology subject matter experts.”
He went on to claim that since the platform had now received a much-needed cash injection, it would not be long before it resumed its operations. Mishra added that:
“Their aim will be to ensure COSS has excellent liquidity for traders (which wasn’t always at its best before), a stable platform that is maintained and improved regularly, and addition of product features which will make the trading experience even better.”
A company spokesperson had informed Decrypt that the reason why this exchange was lagging behind its competition was that it didn’t have the right type of technology, which also meant that there was not enough money running through the company accounts.