Crypto exchange Coinroom disappears with customers funds, Website Offline

[jdarren]

Polish crypto exchange Coinroom has disappeared along with customers' funds. Their website and all social channels are MIA as well. Ciphertrace reported that in Q1 of 2019, over 356 million dollars from cryto exchanges were stolen which were all visible losses. However in this case the total amount of funds remain unknown which ultimately means that there are even bigger losses at hand than just the 365 million which is insane.

I am really disappointed to have to keep hearing about these types of exit scams. What do we do?


https://www.thecryptoupdates.com/crypto-exchange-coinroom-disappears-with-customers-funds-website-offline/

[1715094996]

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[1715094996]

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[Leh-Meh]

All the signs of big ponzi scheme. They collect multi-million dollars from people by showing some false business and one day they disappear with the BIG money.

[rmilly]

This is absolutely insane. How can people trust crypto if these types of things continue to happen? This might be a great use case to have AML compliance to any and every business moving forward. Unfortunately there will always be bad actors who want to ruin the overarching goal of cryptocurrency

[hahahafr]

It's so sad that some folks always try drag the image of crpyto in mud with all these ponzy schemes and scams. This is not fair at all and i think crypto traders and investors should learn a lesson and trade on reliable cryptocurrency exchange that we have known them for years. Don't trade on any new exchange that just comes out of think air.

[MakeMoneyBtc]

From the reviews I could read on the internet I noticed Coinroom was a pretty big exchange that was working fine and clients were satisfied with the services they offered. It's so sad to see such big exchanges scamming people even though they've built a good reputation behind their company over the last years. But I guess that's how every scam of this type works, you create you website ,attract as many users as possible and offer then something to trust you, then in the end when everyone thinks everything is going great you suddenly disappear will all the people's money.

I don't know if there is anything we can do. I can see they had a bank transfer deposit/withdraw method but I guess they've been smart enough to use some bank from other country not using their names so that it can't be tracked back to them.

[Ailmand]

This is the reason why people are thinking of Bitcoin and even cryptocurrency as a scam. People are losing their trust in crypto because of scams and Ponzi scheme. Even people are trying hard to determine what's scam and not, there are still exchanges and scammers who are doing everything to steal their money which is really disappointing.

[pixie85]

A quick search for the name reveals that people were writing about the exchange being a scam 2 months ago and at that time the exchange wasn't functioning. They are a bit late with reporting it.

I also think the numbers are too high. I don't see how an exchange that traded less than 5 million usd in crypto every day could have held 365 million dollars in a hot wallet. It doesn't make sense. 

[TryNinja]

I also think the numbers are too high. I don't see how an exchange that traded less than 5 million usd in crypto every day could have held 365 million dollars in a hot wallet. It doesn't make sense.  

It really doesn’t make sense because you didn’t read it right... 365 million dollars is the (estimated) total amount of BTC stolen on EVERY exchange hack case in Q1 2019. This includes Binance and every other exchange that got hacked or lost funds the last few months. It’s not the amount this nonamer exchange had.

[seoincorporation]

All the signs of big ponzi scheme. They collect multi-million dollars from people by showing some false business and one day they disappear with the BIG money.

Agree with you, all those looks really nasty and it makes me remember about a casino who run away with 2000 btc some years ago. Looks like isn't hard to mount a fake business making it looks nice and professional for then run away with the money, this has become a scam schema nowadays.

[bL4nkcode]

Giving its users to withdraw their assets on an exchange for only one day is sequentially absurd, obvious that they are going to exit scam.

This might their local exchange, never heard of them before.

[rdbase]

^^
I never heard of them either and it usually happens to the lesser known ones. They do hold alot of assets to these customers so it is best to treat them just like any of the larger ones which went away this year. But atleast they saying what is going on with their companies on twitter or other platforms to share the latest news and not just vanish without any notice what so ever.

[Leh-Meh]

Agree with you, all those looks really nasty and it makes me remember about a casino who run away with 2000 btc some years ago. Looks like isn't hard to mount a fake business making it looks nice and professional for then run away with the money, this has become a scam schema nowadays.

Look at stock markets where all the bad companies are listed and they have collected multi-billion dollars. New investors (buy high) lose money when the company crashes.

[CryptoBry]

Polish crypto exchange Coinroom has disappeared along with customers' funds. Their website and all social channels are MIA as well. Ciphertrace reported that in Q1 of 2019, over 356 million dollars from cryto exchanges were stolen which were all visible losses. However in this case the total amount of funds remain unknown which ultimately means that there are even bigger losses at hand than just the 365 million which is insane. I am really disappointed to have to keep hearing about these types of exit scams. What do we do?

This is disgusting. A cryptocurrency exchange is holding a bigger share of the trust and confidence of its members and if it will just go away without a trace then this is a symptom of something wrong with the industry. There must be a solid way that the people behind this self-made heist can be brought to justice. I am not anymore wondering why there are really people who are associating our cryptocurrency industry with scams...because there are really people who are doing it. This is actually the first time I hear about this Coinroom exchange and this is the big reason why we should be careful whom to trust with our coins and tokens. Plus a big lesson to never use any exchange like a wallet. Again, we should emphasize that authorities should do everything they can to get these people behind bars and have them face the music.

[Astvile]

This is a scam obviously,the exchange developers only been legit for what months just to gain trust from users to deposit funds and trade to them.And in the end they did this i feel pitty for all users who funds got stolen.
But im wondering can they really file a legal case if cyber sec division of the government will be able to trace whos this thiefs?

[Genemind]

Another scam exchange and it's really disappointing especially for those who have just started investing.
We all know how it feels to get scammed knowing that we can't do anything just to get our funds back.
I just wish that users of this exchange won't lose their hope for cryptocurrency.

[zgrdyg]

Another ponzi scheme. But i am not feeling bad for people lost their money.

Ponzi schemes are very easy to understand at first glance. But people are still investing in because of their enormous greed.

[||bit]

Did we read the same article? All you guys talking about Ponzi but i didn't see anything related to Ponzi. It is odd people hold that much of btc in a so low profile exchange but still for Ponzi, website needs to offer their users an earning. Like we are giving %20 interest to all cryptos kind of way. But as i saw from the article it is just a plain exchange, no different than mt.gox or cryptopia.

I also lost little on cryptopia and i feel for victims who lost their money on there.

[CBANX2]

'Crypto Exchange Coinroom' and people losses! The funds evaporate with a brand like it never existed before and it reveals another scam which rings the wake-up alarm for all to verify the platforms before investing or trusting them.

[Juggy777]

Did we read the same article? All you guys talking about Ponzi but i didn't see anything related to Ponzi. It is odd people hold that much of btc in a so low profile exchange but still for Ponzi, website needs to offer their users an earning. Like we are giving %20 interest to all cryptos kind of way. But as i saw from the article it is just a plain exchange, no different than mt.gox or cryptopia.

I also lost little on cryptopia and i feel for victims who lost their money on there.

I’ll agree with you this is not a Ponzi scheme as no returns were promised, and what’s surprising is the amount of money people have deposited with this exchange. Those who are experienced with crypto’s will say the same thing never leave your money on exchanges, cause there’re high chances you’ll loose your money.

[waynechong1995]

Definitely a terrible exit to pocket innocent investor monies over a period of months. All their sites are not accessible anymore. I hope these kind of centralized exchange scam could be prosecuted asap for those poor investors. Its really important to not simply go for local exchanges as they might not registered and operate illegally. Few startups are getting up in my country and those fishy one does introduce lots of 'passive profit' scam to drag investor just simply they have set up an exchange engine. These kind of scam really does harm the genuine small business chipping a part in crypto volatility