Coinroom exchange shuts down and disappears from the market

The Polish media has reported that the Coinroom exchange shuts down. And it also is disappearing from the market, allegedly, with all its customers’ funds. Is Coinroom a scam?

The article was updated on 22 November, 2019 by Amicus.

06 June, 2019, | AtoZ Markets - Coinroom is a Poland-based exchange that enables users to trade crypto with fiat currencies like PLN and EUR. According to the crypto exchange’s review, it also allows users to pay their bills using cryptocurrencies throughout Europe. The exchange offers to trade different cryptos including:

  • Bitcoin,
  • Bitcoin Cash,
  • Litecoin,
  • Dash,
  • Ethereum,
  • Monero,
  • Ethereum Classic

Coinroom allegedly allows its user to buy or sell several of the more significant digital currencies: BTC, LTC, ETH, DASH, XMR, BCC, ZCOIN, PIVX.

According to the company’s description,  it was founded in 2015 and launched in April 2017. The exchange reportedly also provides services in almost all countries across the world, except Russia and the USA. Coinroom says it keeps 100% of customer funds in encrypted cold storage. However, It is unregulated and not connected to any bank.

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At the moment, the company’s website is unreachable. The message on the company's front page also states that the site is "in preparation."

Coinroom shuts down leaving its clients without money

The local news platform learned that the Coinroom exchange shuts down from one of the platform customers. The user also revealed the problems related to the firm's clients' funds. 

As the media reports, the crypto exchange users received a concise email, indicating that the Coinroom exchange shuts down. Besides, the traders got one day to withdraw their funds. However, reportedly, the exchange returned only part of the funds to some customers. However, many others didn’t receive any of their money back at all.

The media reports that one Coinroom client lost 2.005 Bitcoins. Moreover, that values over $16,000 at current prices or 60,000 zlotych. The crypto exchange reportedly ceased operations overnight and also disappeared with customers’ money in April.

Łukasz Łapczyński, an official of the District Prosecutor's Office in Warsaw, announced that the office had initiated proceedings against Coinroom in connection with unauthorized activities providing payment services that intermediate in the exchange of cryptocurrencies.

Persons harmed by Coinroom can submit according to their jurisdiction, notifications to the District Prosecutor's Office of Warsaw about committing a crime of fraud - misappropriation of money and inform ABW in Warsaw about this crime.

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