Coinroom, a poland-based cryptocurrency exchange has shut down, with about $15,000 worth of deposits by customers.
According to report, the site has been down since April 2, with no way of contacting the exchange founders.
“We don’t know how much they took,” said one user named Maciej.
“But it is definitely a lot of cash.”
Money.pl, a Polish news site was the first to discover the exit scam on May 31.
Part of the report by Marcin Lukasik, reads, “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,” it read.
Thr users who lost their assets, were said to have followed the procedures laid out for retrieving their funds from the exchange wrongly.
President of Coinroom, Tomasz Zbigniew Wiewióra, when contacted, was not available to answer questions regarding the scam.
It was discovered that after the exit scam in Poland, Wiewióra, opened a new business in Estonia, another European country.
Users also believe that the company ran afoul of the KNF, the Polish economic authority.
Despite the fact many still believe that the money may still be recovered, one former user believes the cash are gone for good.
“There are some very interesting indicators that the cryptocurrencies were taken out and moved to other exchanges a few days before the shutdown,” he said.
“On the blockchain nothing disappears,” he added.
Recall that, another exchange, Bitmarket24, had similar experience, which forced it to shut down operations.
Coinmarket would have suffered similar fate during investigations by authorities but for luck, managed to survive a few months after being entered in to the KNF’s black list.