|

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

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.

More from Ken Chigbo
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.