Cobo's wallet shutdown fee takes 10% of a $1,000 balance at the first monthly charge
Cobo will close its consumer wallet app on Dec. 1 and charge 2% a month, minimum $100, on any assets still inside. Because $100 is 2% of a $5,000 balance, every smaller balance pays more than 2% a month.
The Investor · Invest desk
Key figures: Cobo's $100 minimum fee equals 20% of a $500 balance, 5% of a $2,000 balance and 2% of a $5,000 balance.
| Figure | Value | Note | Claim |
|---|---|---|---|
| $100 minimum fee on a $500 balance | 20% of balance | 25 | |
| On a $2,000 balance | 5% of balance | 24 | |
| On a $5,000 balance | 2% of balance | 22 |
What happened
- Cobo set 23:59 UTC+8 on Nov. 30 as the withdrawal deadline, and the app stops providing service at 00:00 UTC+8 on Dec. 1.
- An account holding only 60 USDT would be deducted in full, because its balance falls below the minimum fee.
- The first deduction is scheduled for Jan. 1, 2027 and covers December 2026, with later charges taken on the first of each month.
- Cobo called the closure a "strategic business adjustment", gave no further detail, and said its other businesses continue normally.
Why it matters
- Who's exposed exposure Exchange withdrawal addresses and mining-pool payout addresses that still point to Cobo Wallet will keep delivering funds after Dec. 1 unless changed, and each arrival lands in an account that is charged.
- What it limits constraint Nov. 30 is the only withdrawal date Cobo has committed to, so a holder who waits for the Jan. 1 charge is relying on a post-deadline window the reported notice does not define.
- What it costs cost A holder who never sees the notice pays anyway: Cobo treats a missed deadline as agreement to the fee, and charges run until the account is withdrawn or fully deducted.
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Below $5,000 the minimum sets the bill, because $100 is exactly 2% of a $5,000 balance [22]. Every smaller account pays a higher rate: 5% a month on $2,000 [24], 20% on $500 [25], and 10% on the 1,000 USDT in Cobo's own example [21]. At a flat price, that 1,000 USDT is gone after ten monthly collections [23].
The percentage is taken in the tokens themselves, worked out on the quantity of each asset left at collection time, with no conversion between coins [5]. The minimum is different. Cobo converts it to dollars at CoinMarketCap prices at collection time and splits it across assets in proportion to their value [6], so in a falling market the same $100 takes more tokens. (That last step is our inference from the pricing rule, not Cobo's wording.)
Crypto Briefing counts about a month between the Dec. 1 shutdown and the first charge, though it notes the stated withdrawal deadline remains Nov. 30 [14]. Since the Jan. 1 deduction is calculated on what remains at that moment [5], an account emptied in December would have nothing to charge, provided transfers still work.
The sources date the notice differently. According to crypto.news, it is dated Oct. 15 and appeared on Cobo's website on Oct. 16 [12]. Crypto Briefing says Cobo announced the closure on Oct. 16 [13].
Cobo also warned of people offering to help with withdrawals. Its staff, it said, will never ask for personal information, passwords, seed phrases or private keys, and it offers no paid expedited withdrawals [20].
We think the fee is a forcing device first and a revenue line second. The consumer app stopped accepting registrations in 2021, and the company says it has mainly focused on institutional wallet services since [8]. Institutional custody and Wallet-as-a-Service continue [10], and an Agentic Wallet launched earlier in 2026 [11]. We'd expect the company's attention to sit there, and none of it to go to a consumer app it stopped selling five years ago.
The counter-thesis is income. A dormant balance above $5,000 pays more than $100 a month [22], and Cobo has not released figures on how many people still use the app [9]. Three outcomes would separate the readings: most holders leave by Nov. 30 and the fee collects little; withdrawals stay open into December and only the people who stay are charged; or withdrawals shut on Dec. 1 and the fee becomes the only path for stragglers. A user count showing sizeable dormant balances would prove us wrong.
What to watch
- Whether Cobo states how long withdrawals stay open after 23:59 UTC+8 on Nov. 30.
- The Jan. 1, 2027 deduction, the first sign of how many accounts still hold assets and how many are emptied.
- Any change to the Dec. 1 closure date or the fee terms before the deadline.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
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- [1]
Cobo will discontinue its Wallet App on December 1, 2026, and charge monthly management fees on assets left in user accounts after the shutdown.
- [2]
Cobo set November 30 at 23:59 UTC+8 as the withdrawal deadline, and the app will stop providing services at 00:00 UTC+8 on December 1.
- [3]
Monthly fees will equal 2% of remaining assets, subject to a minimum equivalent to $100.
- [4]
The first scheduled deduction is Jan. 1, 2027, covering December 2026; deductions occur at midnight UTC+8 on the first day of each month for the preceding calendar month.
- [5]
Cobo will calculate the percentage charge using the quantity of each asset remaining at the collection time and deduct the fee in that same cryptocurrency, without converting one cryptocurrency into another.
- [6]
CoinMarketCap prices at the collection time are the basis for converting cryptocurrency values into US dollars, and when the minimum applies each asset bears a share of the deduction in proportion to its value within the account.
- [7]
Cobo attributed the decision to a "strategic business adjustment" but did not provide further details, and said its other businesses would continue operating normally.
- [8]
The closure applies only to Cobo's consumer wallet app, which stopped accepting new registrations in 2021; the company says it has mainly focused on institutional wallet services since then.
- [9]
Cobo has not released figures on how many people still use the app.
- [10]
Cobo's other business lines, including institutional custody and Wallet-as-a-Service, will continue operating as normal.
- [11]
Earlier in 2026, Cobo launched an Agentic Wallet.
- [12]
Cobo's shutdown notice is dated Oct. 15 and was displayed on its website on Oct. 16.
- [13]
Cobo announced the closure on October 16, 2026.
- [14]
The first fee gives stragglers about a month between the shutdown and the first charge, though the stated withdrawal deadline remains November 30.
- [15]
In Cobo's example, an account holding 1,000 USDT would incur a 20 USDT fee under the 2% calculation, but because that is below the minimum Cobo would instead deduct 100 USDT.
- [16]
For an account holding only 60 USDT, Cobo said the entire balance would be deducted because it falls below the minimum fee.
- [17]
The announcement does not specify how long withdrawal functions will remain accessible after the deadline.
- [18]
Cobo's notice asks users to replace or delete Cobo Wallet receiving addresses saved on exchanges, mining pools and other platforms, to prevent funds being sent to the old addresses.
- [19]
Cobo's terms treat failure to withdraw before the closure as agreement to the fee arrangement, and charges continue until the remaining assets have been transferred out or fully deducted.
- [20]
Cobo said its staff would never ask for personal information, passwords, seed phrases or private keys, and that it does not offer paid expedited withdrawals or services that transfer assets on a user's behalf.
- [21]
A 100 USDT deduction on a 1,000 USDT balance is 10% of the balance.
- [22]
The $100 minimum equals 2% of a $5,000 balance, so the minimum governs every balance below $5,000 and the percentage governs balances above it.
- [23]
At a flat price and a $100 minimum, a 1,000 USDT balance is exhausted after ten monthly collections.
- [24]
The $100 minimum is 5% of a $2,000 balance.
- [25]
The $100 minimum is 20% of a $500 balance.
Sources
3 independent publishers whose own reporting we read for this story.
- crypto.newsCobo Wallet sets Dec. 1 shutdown with $100 minimum monthly fees
1 article · October 16, 2026
- cryptobriefing.comCobo to shut down Cobo Wallet app on December 1
1 article · October 16, 2026
- cryptotimes.ioCobo Wallet to Shut Down December 1, Sets 2% Monthly Fee
1 article · October 16, 2026
Topics and entities
Topics
- Wallet shutdowns
- Institutional Crypto Custody