Poland-Base Crypto Exchange Coinroom Vanishes Into Thin Air with Customers’ Coins

Crypto Exchange Is Closed

One of the largest crypto exchanges in Poland, Coinroom, has reportedly disappeared into thin air with all of the funds gathered over the years. The crypto exchange that was established just three years ago took down all of its social media handles and official website, and went underground on the 2nd of April 2019.

Aggrieved customers reported that they got a brief email notifying them of the termination of their contracts. The email was also intended to notify them to withdraw their funds within 24 hours or come to a physical location for the funds. The stipulated time was too short for many to get their funds out, and others who attempted withdrawing got half or nothing before the crash. A certain Mr. Tomasz told a local news outlet that he had initiated a withdrawal after the email notification and got another notification confirming that the funds have been transferred. But to his dismay, he saw no funds and all his emails are yet to be replied to date.

Although the exact amount allegedly embezzled is yet unknown, customers with crypto coins within the range of $79 to $15,660 have come out to lay complaints against the defunct crypto exchange.

A Crypto Exchange or Just a Fraud?

According to a local news report, a customer who lost about 10,000 zl (about $2,600), Mr. Rafal, reported that he visited the physical location of the company the next day after receiving the alarming email, only to be told by the receptionist that there was no one in the building. When he wouldn’t let it go and demanded answers, she called someone in the company, who instructed the aggrieved customer to drop his details with the receptionist. Alas, he is yet to be contacted to date.

Is this a calculated scheme? Is it due to the bear market in the crypto space? Or is it an after effect of local regulators’ warnings against the firm in January?

We are yet to gather much information on the incidence. One thing, however, is clear – coincidentally, the crypto exchange disappeared the same day that Bitcoin hit a new high in 2018, when it reached approximately $5,000. Until now, all attempts to contact the cryptocurrency firm have proven abortive. A local media channel has it that the firm was relocated to Estonia.

To many customers, this is more than just a mere coincidence. They believe it is a carefully drafted plan to defraud them of their hard-earned capital. Some of the customers have gone ahead to file a mass lawsuit against the now-defunct crypto exchange.

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