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COSS Exchange Withheld Tokens worth $600k

For over nine months now, COSS (Crypto One Stop Solution) exchange has held the customers’ tokens amounting to over $600,000.

As from a twitter post from Upfiring, an incentivized, smart contract-powered and completely decentralized app that has encrypted and transferred files on a peer-to-peer basis, COSS had seized the tokens of the clients, UFR, and the other tokens from different projects.

COSS Exchange is an All in One Crypto Exchange

COSS, an altcoin that integrates several cryptocurrency transactions on its website, includes crypto trading; it creates a platform for the digital assets, acts as a payment portal for the vendors, and a Crowdfunding platform.

Many users have already signed up on the COSS exchange and then deposited different tokens for trading on the website. But, earlier this year, the clients had no access to the tokens that were deposited.

Reports say that the COSS exchange claimed that the clients have had no access to their tokens and that it was in the process of carrying out an Audit on the platform’s technology, the user base, and the wallets.

Though it’s been months, users still didn’t have access to their tokens. Additionally, COSS exchange native token, the Ethereum address attached to COSS have several other tokens there.

Some of these tokens are Chainlink(LINK), (DAI) Dai Stablecoin, Jetcoin (JET), KyberNetwork(KNC), OMG Network (OMG), Upfiring (UFR), and many others amounting to above $1.5M

Crypto Tokens’ Reality

The alleged detained token by COSS exchanges brought to mind the reality that says, “not your keys, not your coins.”

This will not have been the case if the users have used a popular exchange platform like Uniswap to perform their token exchange. With DEXs, traders still have total control of their crypto assets even while on a trade session.

The main reason behind the prolonged token seizure is still mysterious; many efforts to the exchange for comment has proved to be unsuccessful.

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