Singapore-based cryptocurrency exchange COSS has announced that it is holding $2 million in cash from its estimated 200,000 users for a month.

Since trading, withdrawals and deposits have been suspended, many COSS users are afraid that they may be scammed.

According to a COSS spokesperson spoke to SourceAnd he said that the platform is upgrading its system and that there are no frauds, where he said in the sense:

The trading platform was a mess.

Now we’re cleaning it up so this is the decision to shut it down for four weeks and have clean, scalable code, which works for today’s industry.

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The upgrade has been planned for months.

In addition, the spokesperson himself said that there is no prior information about the platform outage, because COSS does not want to see massive amounts of money transferred prior to the update process, while the upgrade was scheduled a few months ago.

While users seem to have learned about the shutdown only 3 hours before it happened.

Fear of scam:

The COSS platform, its short name and inspired by Crypto One Stop Solution, is headquartered in Singapore and has been providing retail investors with access to more than 50 cryptocurrencies since 2017.

It also provides a platform for IEOs and a wallet.

Regarding the shutdown, COSS noted some developers that they should keep their tokens because a new API may be launched soon, but it didn’t say anything else, so many of its users are concerned that they might be exposed to scams in which the company hides with its users’ money.

Shit – did you just do an exit scam from the stock exchange? Shit exchange round 3: COSS.

Yesterday, I sent a message to a COSS representative about the wallet addresses so I could sort them out, as there was little attribution on the COSS wallets – so little that the balances made it look insolvent.

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– Rich Sanders [Jan/3➞₿🔑∎] (Raindropactual) January 8, 2020

As for the current situation, no funds have been disbursed from COSS wallets yet.

While the company’s spokesperson responded to the rumors that a fraud might occur, he stated:

We’re not running away, I’m still there.

We handle everything and keep things as transparent as possible

There is no need to panic, please do not believe in rumors or spread FUD by false messages and groups through any channel.

While the update issued by the official platform account on Twitter came as follows:

COSS is upgrading to a more advanced platform with the following features:

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👉 Low latency for automated trading
👉 Super fast order matching engine
👉 Advanced APIs
Built-in Liquidity Solution
👉 iOS and Android apps
👉 Margin Trading pic.twitter.com/KAG2AZPTVa

– COSS Official – Crypto One Stop Solution (COSScrypto) January 7, 2020

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