Cobo Wallet to close December 1, imposing 2% monthly fee on delayed withdrawals
Regulation & Gov ·
The crypto wallet app is winding down operations and will charge users who leave assets in place past the November 30 deadline.
Cobo Wallet is shutting down its app on December 1, according to a report cited from WuBlockchain. Users have until November 30 to withdraw their holdings; anyone who misses that window will be charged a 2% monthly fee on assets still held in the wallet.
The structure functions as a de facto exit penalty rather than a standard service charge. Where ordinary network or protocol fees compensate validators or liquidity providers for resources consumed during active use, a 2% monthly fee applied to idle, undeployed balances during a shutdown serves a different purpose: it pressures remaining users to move their funds out before the platform ceases operating, rather than paying to use any ongoing service.
Cobo Wallet was co-founded by a co-founder of F2Pool, according to corroborating coverage of the closure, though no additional detail on the reasons behind the wind-down has been provided in the available material. The shutdown is being tracked under signal tags including shut down and wallet, with bearish sentiment attached to the broader cluster of reports.
Two distinct sources are covering the closure, pointing to the same deadline and fee structure without additional elaboration on what prompted the decision or what happens to assets left unclaimed after the 2% monthly fee begins accruing. It remains unclear whether the fee is capped, how it will be assessed on different asset types, or whether any support channel exists for users unable to withdraw before the deadline.
What is not yet established is the scale of assets currently held in Cobo Wallet, the number of affected users, or whether the shutdown is tied to broader financial difficulty at the company. Further detail on the company's status, and on what becomes of funds left in the wallet beyond the withdrawal window, has not been disclosed in the material reviewed.