Large Polish cryptocurrency exchange Coinroom committed an exit scam on thousands of users
- Coinroom, the cryptocurrency exchange, committed an exit scam on thousands of its users.
- It was reported users were informed via email that the exchange was stopping operations.
One of the largest cryptocurrency exchanges in Poland, Coinroom, without warning closed down its operations in April, which was said to have been as part of an exit scam. It saw thousands of users as victims to the theft.
It was reported by local press in Poland, Money.pl, Coinroom sent out an email to its customer base on April 2, detailing that the exchange was terminating their contracts. Users had apparently just one day to withdraw their funds they were warning. Noting that failing to do so within time would force users to request withdrawals of their funds via email directly to the support team of Coinroom.
The cryptocurrency exchange apparently had room to deal with the withdrawals in this way. All reportedly had been detailed within the customer agreements, which they had to accept when creating an account with Coinroom.
The exchange failed to return the deposits of many customers, in addition to users only receive a part of the funds they were storing in their Coinroom wallets. Further on, Coinroom stopped responding to email withdrawal request and their contact number stopped working.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
