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Coinroom steals user funds through exit scam

Coinroom Exit Scam 7 June

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TL;DR

Coinroom, the largest Polish cryptocurrency exchange, has suddenly stopped existing, leaving numerous customers without access to their funds.

As reported by polish media Money.pl, early in April, Coinroom users received an alarming email that stated they should withdraw any funds stored on the exchange in a matter of twenty-four hours, as Coinroom is terminating all existing contracts.

Apparently, this action on the part of Coinroom is not illegal, as there was a clause in the customer contract agreements which states the exchange is entitled to such terminations. Of course, a large number of the customers were not aware of the clause, which means the exchange effectively stole their funds in a creatively planned exit scam.

Even though some of the customers managed to put in withdraw requests before the passing of the twenty-four-hour deadline, the exchange returned only part of the requested funds.

Predictably, this resulted in a wave of customer dissatisfaction, and many confused users. When trying to access the platform, users are simply redirected to an admin page, without the option to log in and check their current balances.

Because of the way Coinroom decided to leave the crypto space, several affected customers have decided to group and file an official lawsuit against the exchange. According to Łukasz Łapczyński, a representative of the District Prosecutor’s Office in Warsaw:

At the moment, it is too early to provide information on the value of possible losses.

Customers who lost their money in the Coinroom exit scam still have the opportunity to join the legal proceedings against the exchange.

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Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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