A cryptocurrency exchange in Poland called Coinroom abruptly ended operations on the 2nd of April, 2019. At the time of the shut down, the estimated sum of $15,000 in customer funds was lost. The website is still down as at this time and users and the general public have no way of getting in touch with the founders.
“We don’t know how much they took,” one concerned user named Maciej said. “But it is definitely a lot of cash.”
The exit scam was first discovered by a Polish news website Money.pl on the 31st of May.
“Coinroom registered as a business in 2016 and a year later opened its website. Clients could deposit, buy, and sell cryptocurrencies. They could also exchange cryptocurrency for fiat,” Marcin Łukasik wrote on Money.pl.
“In April users received an email that told them that their accounts would be closed. They had one day to get their cash out. In order to do this they had to contact the exchange admins directly. Everything was laid out in the terms of service the users signed.”
The crypto exchange closed the next day and users who did not follow the proper procedures – one laid out by the cyrpto exchange itself lost their entire assets.
The owners vanished into thin air and the president of the exchange, Tomasz Zbigniew Wiewióra, was not on ground to answer several questions pertaining to the exit scam. One distraught client of Coinroom discovered that Wiewióra established a business in Estonia immediately after he left Poland. Some smart users who played detective found out that the crypto exchange company went against the policies of the Polish economic authority, the KNF.
Łukasik also said this kind of thing had happened before with another crypto exchange, Bitmarket24, which led to its closure overnight. Coinmarket had been under investigation for some months but survived the onslaught. In the end, the crypto exchange had to be black listed by the KNF’s.
One user from the exchange think their cash can’t be recovered no matter how hard they try.
“There are some very interesting indicators that the cryptocurrencies were taken out and moved to other exchanges a few days before the shutdown,” he said. “On the Blockchain nothing disappears.”
The only hope that these users have now is if law enforcement step into the case to try and track the founders of the crypto exchange down. But with the kind of bad blood that exists between the government and the crypto community in general, this is highly unlikely.