Cobinhood Exchange Informs Co-Founder And CEO Is No Longer With The Firm Due To Instability

Cobinhood Exchange Informs Co-Founder And CEO Does Not Participate Anymore In The Firm

The cryptocurrency exchange Cobinhood informed that the founder and CEO, Tai-yuan Chen is not participating anymore from the firm’s decisions. The information was announced by the exchange in a recent statement. In order to provide more clarity about this issue, they will be holding a Q&A session on Wednesday.

Conbinhood’s Former CEO Affected By Emotional Instability

Tai-yuan Chen seems to have experienced emotional instability and personal behaviors that caused safety concerns at the company. According to the official statement released by the company, they inform that they have filed a police report against Chen and employees will be working from home until the firm can ensure “personal safety.”

The statement released by the company reads as follows:

“Due to personal and investor disputes, Mr. Taiyuan (Popo) Chen, co-founder of COBINHOOD, has ceased to participate in corporate affairs since late April 2019. In addition, his emotional instability and personal behaviors have caused safety concerns of all employees.”

Cobinhood was released as an Initial Coin Offering (ICO) back in 2017 when the whole cryptocurrency market experienced an incredible expansion of digital assets and ICOs as well. The exchange promised users that they were not going to have fees for trading virtual currencies. Nonetheless, the platform has been accused of having a very similar name to Robinhood, another application that allows users to purchase stocks and digital assets as well. Robinhood is also offering no-fees for trading assets on its platform.

This is not the first time that there is a crypto-related company that experiences some issues with high-rank officials. One of the most important developers for Oyster Pearl decided to create new tokens and selling them later on the market.