Tai-yuan Chen, also known as Popo Chen, has “ceased to participate” in the firm due to “personal and investor disputes,” the announcement says.
Specifically, Cobinhood wrote that their team had to file a police report due to Chen’s emotional instability and personal behaviors that caused safety concerns for the exchange’s employees.
While the exchange has not specified the nature of Chen’s alleged personal behaviors and its impact on the team, Cobinhood still noted that it will continue with its operations as per usual.
Following the announcement, Cobinhood team said it would collect user feedback and questions on the matter, claiming that they are going to provide a Q&A session on Wednesday at 8:00 p.m. Taiwan time.
Apart from co-founding Cobinhood in July 2017, Chen also co-founded the Dexon Foundation (DEXON) crypto services platform in January 2018, according to his LinkedIn profile.
In September 2017, Cobinhood announced an initial coin offering (ICO) touted as the “world’s first” zero-fee, high-frequency cryptocurrency exchange. By October 2017, the firm successfully raised $10 million worth of ether (ETH).