Expert: Bitcoins from wallets that suspended …

Expert: Bitcoins from wallets of the suspended COSS exchange were sent to Binance

On January 8, the Singapore cryptocurrency exchange COSS put its platform into maintenance mode for 3-4 weeks without any prior notice, thus essentially blocking $ 2 million in users’ assets. While the exchange continues to insist that the event is about an overdue upgrade, Cipherblade analyst Richard Sanders believes there may be other ulterior motives..

“There is no reason to close the exchange for 3-4 weeks to update the platform,” he said in a conversation with Decrypt.

Sanders tweeted a scheme for the alleged transfer of bitcoin assets from COSS wallets to Binance at approximately the same time as the suspension of service. The expert considers such transactions to be suspicious.

According to him, this is how the platform can try to hide the assets of users before publicly reporting their loss. “The perfect offense is to restart COSS with minimal new features,” he added..

Expert: Bitcoins from wallets of ...

COSS PR manager Satiart Mishra claims that the exchange itself did not translate anything on Binance: “This way you can rip out a few addresses from any blockchain explorer and claim that someone you name as you please made these transactions.”.

Sanders disagrees with these arguments: “This is not like a transfer of an ordinary user to Binance, but a transaction of a person who controls exchange wallets and moves assets to Binance, instead of sending them to their own hot wallet.”.

COSS has disclosed the address of its Ethereum wallet, while the remaining assets are held in “undisclosed” cold wallets. The administration of the COSS Telegram group, meanwhile, actively suppresses any attempts to discuss the solvency of the trading platform and blocks unwanted users.

Similar articles