Polish Cryptocurrency Exchange Shuts Down (Taking Users’ Funds).

Coinroom, a polish cryptocurrency has reportedly been shut down exchanged called shut down, taking multiple customer accounts worth up to $15,000. It was noticed that their site was on April 2, 2019, taken down and is still presently down. The Polish news site Money.pl had earlier discovered the ‘exit scam’ on May 31 and moves to contact the founders has still proved futile.

A polish news reporter wrote,  “Coinroom registered as a business in 2016 and a year later opened its website. Clients could deposit, buy, and sell cryptocurrencies. They could also exchange cryptocurrency for fiat,” “In April users received an email that told them that their accounts would be closed. They had one day to get their cash out. In order to do this, they had to contact the exchange admins directly. Everything was laid out in the terms of service the users signed.”

Despite the prior notice, the exchange closed the next day (which was clearly not enough time for all users to cash out). The proper procedure laid out by the exchange itself was not properly followed by some users in the short time, this caused them to lose their assets. One user named Maciej said, “We don’t know how much they took,” “But it is definitely a lot of cash.”

Tomasz Zbigniew Wiewióra the president was unavailable to answer queries regarding the mishap for the affected users and the owner disappeared as well. The reporter noted that the same thing happened to Bitmarket24 another exchange and it resulted in an overnight closure. Coinmarket was under investigation but survived a few months after being entered into the KNF’s blacklist.

It was found by a Coinroom client that the president had opened a business in Estonia after leaving Poland. It is also believed that the company played a fast one being on the Polish economic authority, KNF’s blacklist. He also said “There are some very interesting indicators that the cryptocurrencies were taken out and moved to other exchanges a few days before the shutdown,” and “On the blockchain nothing disappears.”

The money is long gone as all indications point to this being an actual scam. Founders that are willing to take responsibility for happenings such as this wouldn’t be silent or absent for this long.

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Credits- John Biggs

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