COSS Tokens Missing After Migration

COSS Balance showing zero

An error during the update of the COSS engine at the start of 2019 is affecting a small number of users. Wallet balances for COSS in these cases are showing 0. If you are affected by this error, do not worry as a snapshot was taken of all balances before the migration. Your funds are safe, but you may need to wait a few days/weeks for COSS support to verify your claim and return the coins to your new wallet.

This error seems to be affecting users who had not logged in for an extended period of time (6 months or more) before the update of the COSS platform to 1.2 around the end of 2018.

A response from the support team says that they are fully aware of the issue and your missing balance will be returned.

“Our developers are currently working on a fix for all users that have missing COSS and other currency balances. Your balance will be returned back to your account when the fix is deployed. Please take note that this process might take a while, we thank you for your patience.”

How to Get Missing COSS Balance Back

If you have confirmed that your COSS balance is missing, you can contact the COSS support team to get back your missing funds.

Contact COSS support via freshdesk and submit a ticket – you do not need to log in. Make sure to fill in a valid email as this is where updates on your issue will be sent. You should receive a reply within 48 hours, if not check your spam/junk folder. If you still can’t find anything, you can contact support via telegram.

The amount of time it takes for the funds to be returned has varied in each case. Some have returned within days, others after a few weeks.

It seems when the wallets were changed during the 1.2 upgrade, not all tokens were moved from the old to the new wallets. COSS still holds all the private keys for the old wallets, so they will be able to move the funds across for you.

Most users have received their COSS tokens back, but if you have not you should contact support.

It’s worth noting that when your COSS tokens are returned, the FSA value will say 0.00 until the next FSA distribution takes place on Monday.

COSS Token Introduction

Mockup of a COSS coin

COSS.io is a Singapore based cryptocurrency exchange. Whilst it shares most of its features such as token pair exchanging, digital wallets, fiat deposits and withdrawals, IEO listings and trading promotions, there is one feature in particular that sets COSS apart.

COSS offers a means of passive income by sharing 50% of all fees generated with its users. This is known as the fee split allocation (FSA) and is currently distributed every week. The 50% split is generated from the fees paid by traders for every trade made on the exchange, with future revenue streams to be included in the fee split too.

The 50% split of fees is offered for the lifetime of the exchange and will never be changed. It is an autonomous process written in to a script known as the DAO.

To receive a share of the 50% fee split, you must hold COSS tokens, an ERC223 token available on coss.io.

50% of All Fees Shared with COSS Holders

To run through an example of how the fees are shared, here is a hypothetical scenario. The exchange generates $1,000,000 worth of fees in a week. $500,000 (50%) is immediately set aside for all COSS holders.

This $500,000 is divided equally per COSS token. If the circulating supply was 500,000 COSS then each COSS token would earn its holder $1. If you held 10 COSS, you would be entitled to $10.

To get some more realistic evaluations of what your COSS tokens would generate for you, take a look at COSS-FSA.com. With nearly 120,000,000 COSS tokens in circulation, at the current volume of the exchange (~$10,000,000) and average fee (0.04%), you could expect to earn $2-3 per 10,000 each week.

COSS Tokens and Exchange Volume

Because the only function of the COSS token is to determine the share of FSA that you receive, its value is closely linked to the volume and thus the value of fees generated by the COSS.io exchange. Although of course, natural speculation can have an effect on the price of the token as well.

In general, the better the exchange is performing, the higher you should expect the price of the token to be.

As the exchange generates more volume, a greater revenue is taken in fees. This is split and sent directly to COSS holders. Basically, the more volume the exchange makes, the more your FSA is worth.

About the Fee Split Allocation (FSA)

The FSA is controlled by the autonomous DAO (computer program) and currently distributes the fees to COSS holders weekly. There are plans to increase this to a daily distribution in the future.

Alongside your normal cryptocurrency wallets, you have your FSA wallet. This is where all the FSA distributions go.

Due to Singapore monetary regulations, to prevent the COSS token being listed as a security, you will need to pay a nominal fee of 0.001 ETH ETH 2.85% to distribute your tokens to your main wallet where they can then be sold or transferred. This small fee needs to be paid for each token type.

Any non-ERC tokens e.g. Bitcoin, Ripple, Litecoin etc. will be converted to Ethereum and added to your FSA wallet.