Cobinhood, a well-known Taiwanese cryptocurrency exchange, allegedly pulled an exit scam after filing for bankruptcy. The exchange’s associated company DEXON Foundation, and its DXN token, raised $3.5 million last month. The company is currently in the process of laying off employees and restructuring.
Niche exchanges have long been hotspots for malicious trading and business practices, and it seems that Cobinhood is no exception. The Taiwanese crypto exchange is known for its wide array of coins. That said, analysts assert that a large number of listings can be an indicator of limited regulation and lackluster due diligence.