Polish Crypto Exchange Coinroom Suspected Of Exit Fraud as Website and Social Media Disappears

The Polish cryptocurrency exchange Coinroom stopped working, and it is being suspected that their operators have stolen the funds in the exchange. The platform ceased to work overnight, and with it, the money of customers disappeared.

Although the actual amount was stolen is yet to be revealed, customers with deposits ranging from PLN 300 (around $79) to PLN 60,000 (about $15,660) came out publically and legally against the exchange.

Conceived in 2015 and launched in early 2017, Coinroom is a Polish-based cryptocurrency exchange which allows its users to buy and sell several types of cryptocurrencies using fiat currencies. Conceived in 2015 and launched in early 2017, Coinroom is a Polish-based cryptocurrency exchange which allows its users to buy and sell several types of cryptocurrencies using fiat currencies.

In April of this year, customers of the exchange received letters in which the Coinroom notified them about the termination of the contract. The users were warned to withdraw funds as soon as possible.

After the email was received, users had to contact the stock exchange individually regarding withdrawals. All this was in accordance with the Coinroom regulations, which were signed by users. Very few users got all their money back, most of them received partial or no funds.

Very important !!!
People who have #coins on @Coinroom_com.
Today you must make a withdrawal of coins. Read the message on https://t.co/NP3boJXiwq! @coinpaprika @CoinMarketCap pic.twitter.com/u4cgLt5sJB

— Telos (@teloscoin) April 2, 2019

Now, after about a couple of months of rumors of insolvency, the exchange became unavailable. What’s frustrating is that they deleted all their social media accounts and their website. Additionally, even the company’s president Tomasz Zbigniew Veveyura has no online presence anymore.

The media outlet that broke the story, Money.pl, carried their own investigation, according to which it turned out that part of the funds had been withdrawn from the Coinroom long before the notice of the termination of activities.

One of the users, Tomasz writes:

“I lost 2.005 BTC. By ordering payment for another wallet on 03/04/2019 I received a message stating that the fund's transfer was ordered, however, no transfer has been made to date.”