One of the most substantial issues facing the growth of the greater concept and practice of widely using cryptocurrencies as true currencies instead of mainly as vehicles of investment is the lack of regulation in the global field of cryptocurrencies and the ability for figures and entities in cryptocurrency to hide their true identity and intentions.
Every year since the 2014 robbery of Mt. Gox, which was the first large-scale crypto exchange, in which some dozens of millions of dollars were stolen from the Japanese exchange, similar exit scams and outside attacks perpetrated by figures inside and outside of cryptocurrency exchanges, respectively, similarly large thefts have taken place.
Coinroom, one of the leading crypto exchanges in the world, recently made its way off of the World Wide Web. Poland has been the home of Coinroom since its foundation nearly a decade ago and official registration as a business with the Polish federal government in 2016.
According to money.pl, one of Poland’s leading business, financial, and political news outlets, Coinroom organizers backed out of the company’s operations on May 31, 2019, and haven’t been active on the now-defunct crypto exchange network.
A handful of anecdotal reports of Coinroom’s now-one-time users report that they had nearly $16,000 in various cryptocurrencies in their on-site Coinroom crypto wallets. The value of the cryptos, according to money.pl’s report, was some 60,000 Polish złoty, the country’s national fiat currency, at the time of the exit scam’s execution.
Coinroom’s official Twitter profile has also been wiped from the Internet since the people behind it pulled the exit scheme nearly a week ago. CoinMarketCap, one of the crypto industry’s most trusted monitors of activity across the field in terms of individual exchanges and cryptocurrencies alike, finds that no trades have been supported by Coinroom since it ceased its operations just short of a week ago.
Prior to Coinroom’s backing out, the most recent major exit scam by any cryptocurrency business was carried out jointly by JoyToken and RepuX, both of which were startups in the blockchain business. Roughly three weeks ago, in the middle of May 2019, both of the startups had held an initial coin offering with one another’s help after some two months of running non-stop promotions and advertisements for the long-awaited ICO.
RepuX fled the World Wide Web and the greater world of cryptocurrency with some $4.7 million, whereas JoyToken left with some $3.3 million.
Read More: https://www.theblockcrypto.com/tiny/as-crypto-dad-exits-the-cftc-treasury-official-to-enter/
