Coinroom performs exit scam, stealing customer funds.

Coinroom is one of the largest cryptocurrency exchanges in Poland. It suddenly closed down its services in April as part of an exit scam that has left thousands of victims without their funds.

Money.pl reports that Coinroom customers received an email on April 2 stating that the cryptocurrency exchange was terminating their contracts and customers had one day to withdraw their funds. Failing to do so within that timeframe would force users to request withdrawals by sending an email to the Coinroom support team.

Coinroom had the right to deal with withdrawals this way as it was covered in the user agreement customers had accepted when they created an account at the crypto exchange.

The cryptocurrency exchange did not return the deposits of numerous customers and others received only a part of the funds they were storing in their Coinroom wallets.

Coinroom eventually stopped responding to withdrawal requests and closed down its website, which disappeared from the public domain. At the same time, the cryptocurrency exchange deleted all of its social media profiles and Coinroom’s phone number stopped working.

Despite promising a resolution for the stuck deposits by April 19, customers were not ablee to get in contact or find any contact information for Tomasz Zbigniew Wiewior, the companies director. According to one victim, Wiewior formed another company in Estonia. It is currently unclear whether the director has left Poland and moved to the Baltic country.

Coinroom’s website simply redirects to an admin page.

While the total losses of the victims remain unclear, the deposits of the testifying customers ranges between PLN 300 ($79) and PLN 60,000 ($15,660).

One user stated that Coinroom failed to refund his 2.005 BTC deposit even after the customer received a withdrawal confirmation from the exchange on April 3.

Money.pl estimates the number of Coinroom exit scam victims at “several thousand” with many of them swarming cryptocurrency forums to share their grievances.

One victim took matters in to his own hands and visited the Coinroom headquarters directly after the exchange failed to respond to two of his emails, but with no success.

“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 with me. I was asked to leave my details. Nobody contacted me,” she said.

Some of the victims have teamed up to file a lawsuit against the Coinroom’s operators and others have reported the case to the prosecutor’s office which has already launched an investigation in to the case.

“So far, several people have applied. We conduct activities aimed at identifying possible victims. At the moment, it is too early to provide information on the value of possible losses. Due to the confidentiality of the conducted proceedings, we can’t [share] inform[ation] about the implemented and planned activities, as well as the arrangements made at this stage of the proceedings,” Łukasz Łapczyński, spokesman for the District Prosecutor’s Office in Warsaw, said.

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