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CoinField.com Exit Scam Leaves Users in Distress

According to a report from Icy Tales, it seems Coinfield.com, the once popular Canadian cryptocurrency exchange, is now under the bus.

The company website is not functioning, and no users can access their funds. Emails and support are no longer there, and reports suggest the company has wind business, leaving everyone in the lurch.

Coinfield.com Was in Existence For Around 5 years

Founded in Vancouver, Canada in April 2018, CoinField promised to provide a robust platform for cryptocurrency trading. Boasting a list of around 20 prominent cryptocurrencies, from industry giants like Bitcoin (BTC) and Ethereum (ETH) to niche offerings like Golem (GNT) and Loom Network (LOOM), the exchange’s rapid growth was both impressive and unsurprising. But with the move of its headquarters to Tallinn, Estonia, the exchange began showing signs that not everything was as smooth sailing as it appeared.

The company’s original pillars, Bob Ras and Raza Bashash, with their track records in manufacturing, marketing, technology, and fintech, gave CoinField an aura of dependability. Today, their LinkedIn profiles do not even show a ‘mention’ of CoinField, and it’s interesting how they seem to remove their association with it.

As the number of users swelled, the platform ventured into partnerships that further cemented its position in the market. One such notable collaboration was with Chainalysis in February 2020. This partnership was marketed as a means to reinforce the security and integrity of transactions on CoinField, giving users the assurance that their funds were safe from potential money laundering schemes.

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CoinField, in their Vancouver office

Coinfield.com Team has Disappeared – with No Money Given!

This seems to be a repeat of the FTX and Quadriga saga for many.  Reports from numerous users painted a disturbing picture: sudden and unexplained account suspensions, pending withdrawals stretching for months, and a deafening silence from customer support. It seemed that the very foundation of CoinField’s promise – a secure and transparent trading platform – was showing cracks.

Without prior notice, CoinField has ceased operations.

Users found themselves locked out, their funds trapped within the platform. Allegations started pouring in, with many terming the sudden shutdown as an “exit scam.”

Accounts of users from Ontario, Canada, and several other regions highlighted the same narrative – an inability to access their accounts, with the website displaying an “Error 522” message. Concerns were raised about the whereabouts of user funds, with many speculating about the involvement of CoinField’s top executives, like Surya Chowdhury and Alex Lightman.

Little Big Digging Shows a Company in a Lot of Trouble

Further digging revealed that Manticore Labs OÜ, CoinField’s corporate identity in Estonia, had already been flagging delinquencies in tax payments and had failed to furnish critical tax documents on time. The Estonian Financial Intelligence Unit (FIU) subsequently advised aggrieved users to report their grievances to the Estonian police. This advisory, although welcome, provided little solace to users, many of whom had thousands, if not more, tied up in the platform.

Beyond the financial losses, what remains truly tragic is the breach of trust. Cryptocurrency exchanges, like traditional financial institutions, are built on the bedrock of trust. While the nature of cryptocurrencies ensures decentralization and autonomy, it is the responsibility of platforms like CoinField to provide a secure environment for trade. By allegedly not living up to their promises, CoinField hasn’t just jeopardized its reputation, but it’s also added to the skepticism surrounding cryptocurrency exchanges.

As investigations into the matter proceed, it serves as a poignant reminder to users and investors. The world of cryptocurrencies, although replete with possibilities, is not devoid of pitfalls. Due diligence, continuous vigilance, and informed decisions are the need of the hour.

This incident with CoinField will inevitably leave an indelible mark on the psyche of cryptocurrency enthusiasts. While the full extent of the damage is yet to be unraveled, the ripple effects on the larger crypto industry and investor sentiments will be felt for years to come.

Did you lose money to coinfield.com scam too? Let us know below.

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