Update from COSS — 7th February 2020
Dear users and members of the COSS community,
We understand your current frustration with the exchange not going back online within the stipulated ‘3–4 weeks’.
We would like to apologise for the same, unconditionally.
Here is what has been happening…
COSS was in the process of migrating to a third party white-label solution when we entered into acquisition discussions, where the management of technology and operations would have been further out-sourced.
Upon analysis of the third party platform, it was found to be inefficient for scaling purposes. It did not match industry standard matching and latency requirements. It would also make COSS entirely dependent on someone else who would hold access to the entire platform and could affect services at any time.
That process was therefore ended and the deal with the third party struck off.
We initiated the second phase of the takeover process earlier this week involving a full-scale audit of the platform and all wallets, user balances and trading histories — after completing the due legal processes in the first phase. These are crucial from the technology and regulatory compliance aspects, respectively.
What we have learned through this process is there are several discrepancies in the platform, mainly resulting out of mismanagement.
The exchange has undergone several changes in the form of patchwork done on the original platform which was acquired over a year ago from yet another third party.
The codebase and supporting data are currently being reviewed thoroughly as we begin work on putting the house back in order. Further in-depth audit of user accounts is also required which will allow us to honour your withdrawals as quickly and seamlessly as possible in the coming days.
The acquisition is contingent on the audits and the team at COSS meeting specific obligations during the handover. The audits and the related obligations are currently being addressed.
This agreement was put in place to ensure that the COSS user-base, the extended community, and the investors are safeguarded during and after the full transfer has been completed.
If everything is successful during this final phase of the agreement, the incoming owners will present themselves and their detailed roadmap for the future of COSS.
The original timeline has to be extended, unfortunately. We are working on issuing a more realistic timeline for the exchange to reopen shortly.
This update is our effort to address the state of current developments as transparently as possible.
We will continue to issue updates and timelines throughout the process. Thank you for your patience and understanding.
Our commitment is to ensure the long term success of COSS — for you and ourselves.
Sincerely,
COSS team
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