COBINHOOD Founder to Deny Exit Scam Rumours

Chen stressed that the exchange and Dexon startup continue to work, there's no DXN tokens dump and no question of any exit scam
30 May 2019   605

The founder of the cryptocurrency exchange Cobinhood and Dexon startup Popo Chen in a letter to the community explained the situation around the platform, which was accused in exit scam.

So, Chen stressed that the exchange and startup continue to work, and there is no question of any exit scam.

There was no exit scam. Our company has been through a series of unfortunate incidents, causing COBINHOOD Ltd. announced its suspension on Monday, May 20th. Its mother company Blocktopia, Inc. then formed a smaller team (including me) to take over the daily operations that used to run by CONBINHOOD Ltd.

Popo Chen


It is noteworthy that earlier, as the parent company of the exchange was Cobbingham Digital Finance Co. Ltd, not Blocktopia at all.

At the same time, Chen notes that “there was no dump of DXN tokens,” and the Dexon Foundation, co-founders and team members still own all the assets.

The founder connects the appearance of rumors about the exit scam exchange with the fact that shortly before the declaration of bankruptcy of Cobbingham Digital Finance, Dexon completed the ICO, during which it managed to raise $ 3.5 million.

The parent company of the exchange announced the start of the liquidation procedure last week. Then it seemed strange to some users of the community that this happened a month after the completion of the ICO.

Before the events unfolded, experts rated the stock exchange as one of the safest cryptocurrency trading floors.

ETH May Become Security After POS Migration,- CFTC

At the moment, according to the head of CFTC, Ethereum is more likely an exchange commodity rather than a security, but it may change 
14 November 2019   84

The head of the Commission for derivatives trading (CFTC) Heath Tarbert expressed the opinion that cryptocurrencies involved in the cryptocurrency using the Proof-of-Stake algorithm can be considered as securities. It is reported by Decrypt.

Earlier, the head of the CFTC said that in its current form, Ethereum is more likely an exchange commodity rather than a security. However, I am sure Tarbert, over time, the status of an asset may change. For example, a security can become a commodity and vice versa.

We are thinking carefully about it.

Heath Tarbert

Chairman, U.S. Commodity Futures Trading Commission

The popular Proof-of-Stake (PoS) algorithm involves the use of “stake” as a resource that determines which particular node receives the right to mine the next block. Higher chances to generate the next block are received by the node with greater balance.

Recently, staking services that promise customers a return on investment in PoS assets have become popular. According to some experts, these services could potentially violate the provisions of the Howie test, such as having a joint venture, as well as an investment contract involving two parties.

At the same time, Tarbert spoke out against an aggressive approach to regulating cryptocurrencies, which could suppress innovation and hinder the strengthening of the US position in the innovation sphere.

Clarity and consistency is the first step to leadership.

Heath Tarbert

Chairman, U.S. Commodity Futures Trading Commission

Earlier, Heath Tarbert expressed the view that regulated futures based on Ethereum will soon appear on the market.