On July 30, Bithumb, a Korean virtual asset exchange, announcedthat it would abolish Cosmochain(COSM).

Bithumb said, “The Foundation’s unfair trading practices through voluntary issuance of hypothetical assets resulted in a loss of investor value and sudden market fluctuations. “We decided to end the transaction support because it was difficult to maintain stable transactions despite the Foundation’s calling and business activities, and there were insufficient measures to protect investors after issuance.”

Investors can trade COSM Coino at Bithumb until 3pm, August 18th. Withdrawals are possible until 3pm, September 14th.

Cosmochain said, “We are sorry for the concerns over the past four weeks and for not making good results one of our major partners, Bithumb.”

The company said, “In order to solve the issues, our service team, development team, and business team have been working to resume our business back to normal. We are also planning partner with foreign companies.” It added, “We will announce business plans and major achievements at 6 pm on August 7th.”

Cosmochain faced problem when it had additional issuance of its own coin, Cosmo Coin, without prior notice to investors. As a result, Cosmochain was was delisted at Upbit exchange on June 10th, will be delisted from Kakao’s digital asset wallet, Klip on August 10th. GDAC and Coinbene are the only exchanges that do not take any action against Cosmo Coin after the controversy.

Cosmochain held a weekly meeting with holders from the 20th to the 24th to emphasize the will of continuing its the business. At the meeting, the company announced its business plan, “At the end of the third quarter, we aim to maintain consistently within the top five rankings of the Fitsme domestic service beauty app rankings, and we will also implement the Fitsme service in Taiwan, Japan, and Singapore that started in the second quarter.”

Song Ho Won, CEO of Cosmochain at the time, said, “We are doing our best to stay listed at Bitumb.”

After the announcement Cosmo coin delisted at Bithumb, investors have created a separate community and are preparing for litigation. Cosmo coin Investors are gathering information for embezzlement of Cosmochain. SPIN Protocol investors are also preparing a lawsuit against Cosmochain.

번역: 김동우 기자