According to Cobo's shutdown notice dated October 16, 2026, the consumer wallet app will close at midnight UTC+8 on December 1, 2026. Users must complete all asset withdrawals before this deadline, with the company converting the UTC+8 time to 23:59 UTC+8 on November 30, 2025. In the United States, this corresponds to 11 p.m. Eastern Standard Time and 8 p.m. Pacific Standard Time on the same day. The notice specifically requires users to replace or delete all Cobo Wallet receiving addresses saved on exchanges, mining pools, and other platforms to prevent mistaken fund transfers. As reported by WuBlockchain, the closure represents a strategic business adjustment by the digital asset custody provider. The announcement does not specify how long withdrawal functions will remain accessible after the deadline, and Cobo has directed users to its official website and email address for shutdown information.
As reported by Cobo, accounts holding assets after the closure will incur monthly management charges equal to 2% of remaining holdings, with a minimum fee of $100. Deductions occur at midnight UTC+8 on the first day of each month, covering the preceding calendar month. The first collection is scheduled for January 1, 2027, for December 2026. When the percentage-based charge falls below $100, Cobo applies the minimum fee instead. Each asset bears a share of the deduction proportionate to its value within the account, with calculations based on CoinMarketCap prices at collection time. According to WuBlockchain, Cobo will calculate the charge against the original tokens and deduct it from the coins themselves, with no cash bill involved. Charges will then continue monthly until users withdraw their remaining assets or their balances are depleted. For accounts holding multiple tokens, the minimum fee will be allocated proportionally according to each token's share of the account's total asset value.
According to Cobo's examples, an account holding one Bitcoin and 10 Ether would deduct 0.02 BTC and 0.2 ETH for the month, assuming their combined value exceeds the $100 minimum. An account containing only 1,000 USDT would incur a 100 USDT charge, as the minimum fee replaces the smaller 20 USDT calculation. An account with only 60 USDT would lose the full amount because its balance falls below the minimum threshold. Cobo explicitly states that accounts worth less than $100 will have all remaining assets deducted at once. The $100 floor sets the charge on any balance worth up to $5,000, and the percentage-based charge only applies above that level. Cobo's examples show that an account holding 1,000 USDT would incur a fee of 20 USDT under the 2% calculation, but because this is below the minimum, the company would instead deduct 100 USDT.
As reported by Cobo, the closure applies only to its consumer wallet app, which stopped accepting new registrations in 2021. The company has focused primarily on institutional wallet services since then. Cobo previously announced several institutional partnerships, including joining Google's AP2 community in October 2025 for AI-initiated payment applications and a dual Bitcoin staking integration with Core Foundation in March 2025 for Asian institutional users. The company emphasizes that its staff will never request personal information or passwords, and offers no paid services to accelerate withdrawals or asset transfer services. According to WuBlockchain, Cobo's institutional custody and Wallet-as-a-Service businesses remain unaffected and will continue operating normally. Cobo has also warned users against people claiming to offer withdrawal assistance, stating that its staff would never ask for personal information, passwords, seed phrases or private keys.
