Cobo Personal Wallet is shutting down: Existing users should migrate their assets in advance
Cobo Personal Wallet has been in operation for 9 years.
Since 2021, the product has stopped accepting new user registrations and has continued to give existing users time to migrate. The shutdown date has now been set for December 1.
According to the announcement, assets transferred out by November 30 will not incur a management fee.
What’s worth noting here is not just that a wallet product is about to be discontinued, but also a risk many users may overlook:
As long as the wallet can still be opened and assets can still be viewed, it’s easy to feel there’s no need to act right away. But once the product ceases operations, users may need to make new arrangements for storing and managing their assets.
If you’re still using it, we recommend taking the following steps in advance:
1. Check the assets and balances in your wallet.
2. Make sure the destination wallet supports the relevant cryptocurrencies and blockchain networks.
3. First make a small test transfer. Once you’ve confirmed it arrived, transfer the remaining assets.
4. Keep your recovery phrase and private keys safe, and watch out for fake customer support, fraudulent migration websites, and requests to grant unknown permissions.
Also, the shutdown of the personal wallet does not mean that all Cobo services are ending. Current information indicates that its other services, including institutional wallets, will continue to operate as usual.
Don’t wait until the last day to move your assets. Migrating early, checking the network, and confirming receipt is safer than rushing to make a transfer close to the deadline.
Cobo Personal Wallet has been in operation for 9 years.
Since 2021, the product has stopped accepting new user registrations and has continued to give existing users time to migrate. The shutdown date has now been set for December 1.
According to the announcement, assets transferred out by November 30 will not incur a management fee.
What’s worth noting here is not just that a wallet product is about to be discontinued, but also a risk many users may overlook:
As long as the wallet can still be opened and assets can still be viewed, it’s easy to feel there’s no need to act right away. But once the product ceases operations, users may need to make new arrangements for storing and managing their assets.
If you’re still using it, we recommend taking the following steps in advance:
1. Check the assets and balances in your wallet.
2. Make sure the destination wallet supports the relevant cryptocurrencies and blockchain networks.
3. First make a small test transfer. Once you’ve confirmed it arrived, transfer the remaining assets.
4. Keep your recovery phrase and private keys safe, and watch out for fake customer support, fraudulent migration websites, and requests to grant unknown permissions.
Also, the shutdown of the personal wallet does not mean that all Cobo services are ending. Current information indicates that its other services, including institutional wallets, will continue to operate as usual.
Don’t wait until the last day to move your assets. Migrating early, checking the network, and confirming receipt is safer than rushing to make a transfer close to the deadline.