Polish Exchange, Coinroom Pulls Exit Scam Overnight

Coinroom, a Polish cryptocurrency exchange – which was registered in 2016 – reportedly ceased all operations and disappeared with customer funds overnight, according to a report from local business news outlet Money.pl on May 31.

According to Money.pl, they received an email from an affected Coinroom user stating that back in April, the exchange shut down all operations and disappeared with customers’ money.

Coinroom Exit Scam

Per the Money.pl report, Coinroom reportedly sent an email to their customers explaining that the exchange was terminating their contracts and that all customer had only one day to withdraw their money, which was in accordance with Coinroom’s policies in which their customers agreed to.

However, customers who withdrew their funds in the allotted time of 1 day claim they only received part of their money, and most say they received nothing at all. Some users lost up to 60,000 zloty (around $15,790), and one user had lost 2.005 Bitcoin (over $15,000 at press time).

Another user stated:

“On the second day after sending the e-mail, I went to the Coinroom headquarters. The lady at the reception did not want to let me in, she claimed that nobody was in the office. Instead, she called someone from the company. I was asked to leave my details. Nobody contacted me.”

Moreover, Łukasz Łapczyński, a spokesperson for the District Prosecutor’s Office in Warsaw revealed that prior to Coinroom’s shut down, they were in connection with unauthorized payment services that intermediate in the exchange of cryptocurrencies.

The office reportedly initiated proceedings against Coinroom and are now identifying possible victims.

All in all, the unfortunate Coinroom exit scam is one of many examples of why holding your own coins and dealing with trusted and established exchanges is of vital importance.