Exit scams have become a part and parcel of life in Crypto

Coindesk reports:

A polish cryptocurrency exchanged called Coinroom shut down on April 2, 2019, taking multiple customer accounts worth up to $15,000. The site is currently down and there is no way to contact the founders.

“We don’t know how much they took,” said one user named Maciej. “But it is definitely a lot of cash.”

Polish news site Money.pl first discovered the exit scam on May 31.

“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,” wrote Marcin Łukasik on Money.pl. “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.”

Nothing new, just another small exchange scamming people. Crypto has a scam and hack problem. The irreversibility of transactions is a double edge sword. In one hand, you are your own bank. You don't need to use an intermediary (banks) to manage your own funds.

But the issue with this is that it makes it easier for hackers to steal money and get away with it with little to no repercussions. If crypto can solve this problem, it will make things a lot easier for the end user.

And we need more services like coinbase for crypto mass adoption. Like it or not, the average person is not ready for crypto. They need to slowly learn to use it by using a centralized service that makes it easier for them.