Crypto exchange Coinroom disappears with customers funds, Website Offline
As per reports, Coinroom, a Polish crypto exchange disappears with its customer’s funds. Also, the official website of the exchange remains offline. Additionally, it also takes down all of its social media links and channels.
Back in 2016, Coinroom came into effect. Since then it was a prominent crypto exchange which operated in Poland.
However, in April, the Polish company stopped services all of a sudden. Surprisingly, on 2nd April, the company emailed its customers to inform in this regard. Coinroom informed its customers that they will terminate all their contracts. Similarly, it also asked the customers to withdraw all of their deposit from their accounts in 24 hours. But, if its customers failed to do so, the company will force them to contact them for stored funds.
Notably, the Polish exchange included such rules in its website during user agreement. So, when a customer opened an account on the exchange, they would need to sign the agreement. It was mandatory to sign it to proceed further with the account.
The total amount of funds remain unknown in the supposed exit scam
Concerning the information of Coinroom, many customers tried to withdraw their deposits. While many of them not at all received their funds, some received in partial. Therefore, the total amount of funds of customers remains unknown that lost in the supposed exit scam.
According to reports, customers losing their funds ranging from 300 PLN to 60,000 PLN will testify. As per matter of fact, 300 PLN equals to about 79 dollars, so they all will come forward against Coinroom. Similarly, a team of affected customers is ready to sue the polish exchange.
Recently in the last month, CipherTrace, which is a blockchain firm for security estimates the total amount criminals stole. As per its data, they stole over 356 million dollars from crypto exchanges and related infrastructures. Surprisingly, this much huge amount went at the hands of criminals in Q1 of 2019. Further, the firm estimated this data from visible losses. More losses are hidden, as per the firm. CipherTrace also added that there might be even bigger losses from crypto assets than this amount.
Victims share grievances on crypto forums, hoping for justice
On the other hand, customers come forward to talk about their lost funds. They are sharing their grievances on various crypto forums and hope for justice. Speaking of a customer, he detailed that after hearing the news of Coinroom shutting down, he tried for withdrawal. Even though he received a confirmation for his fund of 2.005 BTC from the exchange, he didn’t get anything.
Not only this, but there are so many victims out there also. With this, many speculate now that the exchange only came to loot customers.
The crypto industry suffered a lot last year due to slump. As a result, many shutdowns their services or business.
Interestingly, there are two crypto exchanges in India, dived in the pool of crypto industry. The two exchanges are, namely, Coindelta and Coinome. They cited unclear regulatory needs and also cited a bear market.