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So far, 2019 allowed many people to forget the constant connection between cryptocurrencies and scams. There were of course many scams and attacks, but compared to previous years 2019 is definitely an improvement. The Coinroom scam however, will quickly remind people that the days of scams are nowhere near behind us.

According to a Polish news outlet, the Coinroom scam happened in less than 48 hours. The exchange quickly emptied every single account and vanished without a trace. Some users claim to have had more than $15 000 in their accounts.

There was no warning for clients to prepare and/or react in anyway. Some clients say they received emails from the exchange, which inform about the termination of the contract. The email also stated that all Coinroom customers had 24 hours to withdraw all their funds. This part was completely legal as it was in accordance with the regulations signed by all clients.

The Coinroom Scam was legal…according to the Coinroom rulebook

People might think that there’s no foul play involved since everything was legal. Well, not really. It turns out that even the customers, who got the email on time and began the withdrawal process, couldn’t finish it. Some say they only received a small percentage of their funds while others claim they got nothing back at all.

It also appears that all signs of the exchange have vanished without a trace. CoinMarketCap shows that Coinroom has no trade volume.

A representative from the District Prosecutor’s Office in Warsaw, stated that the Coinroom scam is under investigation. The exchange is also investigated in connection with unauthorized activities. There is currently an ongoing process which will help determine the number of victims from the Coinroom scam.

Just two months ago, there was another heavy reminder that ICO scams are alive and kicking. The blockchain startups JoyToken and RepuX managed to pull off a classic ICO scam that gained them a little over $8 million in total.

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