CoinRoom Goes Boom
Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' and 'General Prevention' sections to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!
The Coinroom website remains online and reports of the ongoing bankruptcy, which has been an ordeal lasting many months and continuing. It appears that the entire operation may have been set up this way from the beginning, and the lack of any auditing or transparency into the funds means obviously nobody knows what’s going on.
This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.[1][2][3][4][5][6][7][8][9][10]
About CoinRoom
“Polish cryptocurrency exchange Coinroom has reportedly shut down its operations and disappeared with customer funds, local business news outlet money.pl reported on May 31.” “Before ceasing its operations, Coinroom reportedly sent emails to its customers, containing information about contract terminations. Coiroom customers had only one day to withdraw their money, which was in accordance with Coinroom regulations signed by users. However, customers reportedly claim that some of them got only part of the money, while most of them did not receive their funds back at all.” “Even though he promised a resolution for the stuck deposits by April 19, customers were unable to get in contact or find any contact information for Tomasz Zbigniew Wiewior, the director of the company.” “Polish news site Money.pl ascertained that the President of the defunct exchange, Tomasz Zbigniew Wiewióra relocated to Estonia to open another business.” “After receiving the documentation from the accountant, analyzing the database, we were able to prepare and complete and file for bankruptcy with the option of liquidating the company's assets.”
This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.
The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Include:
- Known history of when and how the service was started.
- What problems does the company or service claim to solve?
- What marketing materials were used by the firm or business?
- Audits performed, and excerpts that may have been included.
- Business registration documents shown (fake or legitimate).
- How were people recruited to participate?
- Public warnings and announcements prior to the event.
Don't Include:
- Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
- Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| May 1st, 2019 12:01:21 AM MDT | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost is unknown.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
General Prevention Policies
Coming soon.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ Report: Polish Exchange Shuts Down and Disappears With Customers Funds (Feb 23, 2020)
- ↑ Polish Cryptocurrency Exchange Coinroom Exit Scams With Customer Funds (Feb 23, 2020)
- ↑ Exit Scam: Polish Coinroom Exchange Goes Dark, Funds Gone (Feb 23, 2020)
- ↑ Coinroom.com ceases to exist! : CryptoCurrency (Feb 23, 2020)
- ↑ Large Polish cryptocurrency exchange Coinroom committed an exit scam on thousands of users (Feb 23, 2020)
- ↑ Burundi Bans Cryptocurrency Trading Citing Lack of Consumer Protection (Feb 23, 2020)
- ↑ Coinroom Exchange Vanishes, Reveals Dash InstantSend Advantage for Traders (Feb 23, 2020)
- ↑ Coinroom Exchange Fled Away By Taking All Users Funds - Bitcoinik (Feb 24, 2020)
- ↑ SlowMist Hacked - SlowMist Zone (Jun 26, 2021)
- ↑ The 23 exchange hacks of 2019 (Aug 8, 2021)