Cosmo coin kicked off of Upbit
Crytpocurrency exchange Upbit halted trading services for the Cosmo coin (COSM). Based on Upbit’s policy, COSM will be delisted within 10 days from the day of the notice. On June 30, COSM investors raised accusations regarding the coin’s distribution. #Why delisted? According to Upbit’s announcement, the exchange was halting COSM trading because the cryptocurrency had undergone a technical change that had not been agreed to by the exchange, had issued additional coins without a clear reason and didn't fulfill its duty to notify investors beforehand. The exchange described these actions as running afoul of investor protection. “The project team offered an explanation about the background of issuing additional coins. But changing the number of issued digital assets is a financial variable that can bring critical changes to the investor asset. As it failed make a public announcement on such an important issue, we decided to halt supporting its trading,” Upbit said. #Cosmo to “take measures so that tokens can be transmitted before trading is stopped” After Upbit’s announcement, Cosmo said possessors of its coins on Upbit would be offered a wallet service to remove their assets before Upbit halts service. “Even after trading is halted, we will realize all of our promises made to resolve the issue,” Cosmo said. “At this very moment, we are taking efforts to conduct our business plans as normal.” #Withdrawal will be possible for 30 days Withdrawals will be possible until 30 days after the announcement. Upbit urged COSM investors to withdraw by August 5. It also explained that air drops, wallet upgrades and hard-fork services will be halted in the near future. On June 30, COSM added a function to track token transactions on Klatyn’s monitoring program, the Scope. This sparked controversy regarding its distribution. Cosmo was Klaytn’s BApp and one of the projects accessed by Scope. Later on, several COSM investors found out that COSM’s issued volume and distribution volume were not identical.