Cobo Wallet Is Shutting Down for Individual Users: Forgotten Coins Will Be Charged 2% a Month

What Cobo announced

On October 15, Cobo published a notice that it is shutting down the Cobo Wallet App, its wallet app for individual users. On October 17 the company followed up with a clarification: only the consumer app is closing, while Cobo's institutional wallet for companies keeps running.

Cobo doesn't promise any separate "withdrawal window" after the shutdown. The notice puts it plainly: make sure all assets are withdrawn before that time. The fee will keep being charged until the assets are withdrawn or eaten up entirely, but Cobo doesn't say how to withdraw after the shutdown, so it's better not to count on it.

The app hasn't accepted new users since 2021. This year Cobo has been closing other products as well: Cobo Argus in March and, in August, Cobo Connect, an extension for the institutional Cobo Portal. Then in September the app itself lost its yield products, with their balances returned to the main balance. If you ever kept coins there and forgot about them, now is the moment to remember.

How much forgotten coins will cost you

After the shutdown, Cobo starts charging a monthly account management fee: 2% of the balance, but no less than the equivalent of $100 a month. The fee is taken in the same coin, with no conversion, at CoinMarketCap prices. If the balance is below the minimum, all of it gets charged.

Examples from the notice itself:

• 1 BTC and 10 ETH — about 0.02 BTC and 0.2 ETH will be charged for the month;
• 1,000 USDT — 100 USDT will be charged: 2% is only $20, so the minimum kicks in, and in practice 10% is gone every month;
• 60 USDT — the whole 60 USDT will be charged in the very first month.

The math is simple. As long as the balance is under $5,000, the $100 minimum eats more than 2% a month. A thousand dollars in USDT will vanish in less than a year. And one more detail from the notice: anyone who doesn't withdraw their assets before the shutdown is deemed to have agreed to the fee.

Who is affected

The Cobo app had two modes, and which one you used decides what this is all about.

• Cloud Wallet. This mode didn't require you to keep a seed phrase: Cobo held the keys, and you had an account in the app. By all appearances, the fee applies to exactly these balances, since Cobo can't charge anything on an HD wallet without holding its keys. The notice doesn't separate the modes, though, so the cloud balance is the one to withdraw first.
• HD wallet. Here the keys belong to the user, and the seed phrase is written down on your side. The notice says nothing about this mode. If you have the phrase, the coins can be restored in any compatible wallet, but it's better not to wait and move them in advance.

Cobo doesn't disclose how many people still keep coins in the app.

How to withdraw coins from Cobo Wallet

1. Download the app only from the App Store or Google Play via the link on the official website. Fake "migration apps" are bound to pop up on the back of this news.
2. Set up a wallet where you hold the keys. We have a separate guide on how a custodial wallet differs from a non-custodial one and which to choose. If you need a different coin in the new place, a crypto exchange will send it straight to that address.
3. Withdraw each coin on its native network. The recipient address has to be on the same network as the coin: bitcoin to a bitcoin address, USDT TRC20 to a TRON address.
4. Send a small amount first. Once it arrives, withdraw the rest.
5. Remove Cobo addresses from every platform. Cobo specifically asks users to replace or delete its addresses saved on exchanges, mining pools and other services. Otherwise a pool payout or an exchange withdrawal after the shutdown will land in an account that is already being charged a fee.

If you don't feel like moving a whole zoo of small balances, it's easy to merge them into one coin once they're out. For example, you can exchange ETH to bitcoin or, the other way round, convert bitcoin to USDT TRC20 and keep the stablecoin on your own address.

What to watch out for

• "Support" in messaging apps. Cobo says it doesn't send private messages itself, never asks for a password, seed phrase or key, and never suggests installing another app for a "migration". The only official contacts are the cobo.com website and walletservice@cobo.com.
• The last day. In the final hours before a shutdown there are always people whose two-factor authentication breaks or whose transfer won't go through. Withdrawing everything a week ahead is easier than dealing with support on November 30.
• Seed phrases on someone else's website. If you restore an HD wallet in another app, enter the phrase only into the wallet itself and never on websites. For how to keep it safe, read our guide on how to store a seed phrase.

Why this keeps happening

This isn't the first story this autumn where a service shuts down and gives users a deadline to withdraw. In September we wrote about how to withdraw funds from CoinEx before it closes, and on October 17 we covered Bitget cutting off users in Russia and Belarus. Cobo goes further, though, since balances left after the deadline won't simply be frozen and will be charged a fee until nothing is left.

The takeaway is the same every time. Coins in someone else's account live by someone else's rules, and those rules can be changed with a single notice. Coins on your own address will never get such a notice.

How to consolidate balances without an exchange account

You don't need to open a new exchange account to move your coins out of Cobo. On VertEXchange, swaps work without registration, email or phone number: you pick a pair, paste your wallet address and see the rate and the amount you'll receive before sending anything. The coins go straight to your address, and the service doesn't hold them.

• A fixed rate holds for about 15 minutes while the transfer confirms.
• You can set a refund address, where the coins go back if the swap doesn't happen.
• Personal fields of an operation are deleted 24 hours after it completes, and your swap history is stored only in your browser.
• Support chat is available on every page, and issues are resolved by the swap code.

If keeping your savings private matters, you can exchange USDT for Monero with part of the amount right away: its blockchain shows neither amounts nor addresses.

FAQ

When does Cobo Wallet shut down?

The app stops working at 16:00 UTC on November 30, 2026 (midnight December 1 in Beijing). Coins have to be withdrawn before then.

How much will Cobo charge on coins that aren't withdrawn?

2% of the balance per month, but no less than $100. The first charge, for December 2026, comes at 16:00 UTC on December 31 (midnight January 1, 2027, in Beijing). If the balance is under $100, all of it gets charged.

Is Cobo shutting down for businesses too?

No. On October 17 Cobo clarified that its institutional wallet for companies keeps running. Only the app for individuals is closing.

What should I do if I have an HD wallet in Cobo with a seed phrase?

The notice doesn't mention this mode separately. If you have the phrase, the coins can be restored in any compatible wallet. The safer option is not to wait and move them to your own address before November 30.

Where should I withdraw coins from Cobo to?

To a wallet whose keys you hold: a hardware wallet or a software one with the seed phrase written down. If you need a different coin, you can get it through a swap straight to your own address, with no account.