COBINHOOD, the cryptocurrency exchange, announced that its co-founder and CEO, Tai-yuan Chen, has “ceased to participate” with the firm since late April 2019. According to COBINHOOD, Chen’s “emotional instability and personal behaviors have caused safety concerns” for its employees. The firm also notes that it has filed a police report against Chen and has ordered employees to work from home until “personal safety can be ensured.” To address questions its users may have, COBINHOOD will hold a Q&A session on Wednesday at 8:00 p.m. Taiwan time.
COBINHOOD raised $10 million in a 2017 ICO, marketing itself as a “zero-fee” cryptocurrency trading platform, with promotions from actor Jamie Foxx. The exchange was subsequently sent a cease and desist letter from stock trading app Robinhood, with the startup claiming that COBINHOOD’s name and branding were “confusingly similar.”