On 2nd April 2019, Coinroom, a polish Cryptocurrency exchange, shut down immediately, stealing various customer accounts worth money up to $15000. After the shutdown, the founders go underground and there is no way to contact them. Maciej, one user of Coinroom stated that “We don’t know how much money they took, but it is definitely a lot of cash. The news about the shutdown of Coinroom was first discovered on 31st May 2019, by the Polish news site Money.pl.
Marcin Lukasik wrote down on Money.pl, “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.” Many users lost their asset on Coinroom when the site got shut down immediately after the notice.
Money got disappeared and so does the founders. Tomasz Zbigniew Wiewióra, the President of Coinroom, got hidden overnight and didn’t answer any question regarding the exit scam. One of the clients of Coinroom found out that the President has opened up a business in Estonia and has left Poland. Many users claim that the newly founded company is facing difficulty in order to set up their business in Poland due to conflict with the Polish Economic Authority, KNF. BitMarket24, another crypto site had closed overnight, as observed by Lukasik.
Although, Coinroom was under investigation for its exit scam, but survived only a few months after getting blacklisted through KNF. One of its previous users states that all the cash stored in the wallets of the company has long gone and can’t be recovered. He said, “On the Blockchain, nothing disappears, there are some very interesting indicators that the Cryptocurrencies were taken out and moved to other exchanges a few days before the shutdown.” Whatever may be the fact, many users have lost their cash and thus losing their trust over Cryptocurrencies.