September 20, 2023
*This news is reported first on icytales.com*
In a shocking turn of events, the cryptocurrency exchange Coinfield has ceased operations without any prior notice, leaving numerous users without access to their funds. Users have reported that they have been unable to withdraw their funds and have received no communication regarding the abrupt closure.
Coinfield.com was an extremeley popular exchange in Canada, and was initially founded in Vancouver. Then, they moved to Estonia. The company was even listed in Ontario Securities Commission.
About Coinfield.com’s Fall from Grace
CoinField, a cryptocurrency exchange, was inaugurated in April 2018 in Vancouver, Canada, but later relocated its headquarters to Tallinn, Estonia. It was co-founded by entrepreneurs Bob Ras and Raza Bashash. Ras previously worked in different sectors, including manufacturing, marketing, and technology, whereas Bashash, with a decade-long experience in Artificial Intelligence and FinTech, has multiple tech companies to his name.
The platform witnessed a significant surge in users over the years and supported around 20 cryptocurrencies, such as Bitcoin, Ethereum, Ripple, and Stellar, among others. Customers were provided with six fiat currency options for their transactions: USD, EUR, CAD, GBP, AED, and JPY.
In fact, Coinfield acquired other businesses too. In February 2020, CoinField partnered with Chainalysis, a blockchain analysis firm. This collaboration granted CoinField access to the Know-Your-Transaction (KYT) software, enhancing its ability to counteract money laundering and spot high-risk crypto transactions in real-time. Additionally, CoinField endorsed Sologenic, a crypto project founded on the Ripple payment protocol. This initiative introduced the Sologenic DEX, its platform, and the SOLO token.
Coinfield.com, incorporated initially in Canada and then in Estonia, under the name “Manticore Labs OÜ” (registration number: 14719663), appears to have been facing issues even before the shutdown. The Estonian e-business register has noted the company’s delinquency in tax payments and the non-submission of tax-relevant documents in a timely manner. Adding to the complications, it seems that two out of its four employees have filed complaints with the Estonian Labor Dispute Committee.
You can find details about their non-payments here.
Coinfield.com website is down – and Employees have Left
An online search tells us that the website is down from August 27, 2023. Also, trying to send an email to support meets with a response that the email doesn’t exist.
Many users have taken to online platforms to express their dismay and frustration. From being unable to log in to their accounts, to facing extended withdrawal delays, and receiving repeated responses about “technical issues”, the consensus amongst them is not positive. The website itself has been down for days, displaying an “Error code 522”. It seems employees and founders have left the company already.
Bob Ras, Reza Bashash, Alex Lightman, Dmitry Rokityanskiy the CTO, have all modified their LinkedIn profiles to remove their association to Coinfield. There is also evidence suggesting a significant number of employees leaving the company in the recent past, raising even more suspicions.
Users who have been scammed can report their account theft to Financial Conduct Authority (FCA).
User experiences suggest that Coinfield was stopping withdrawals for months now and had an unresponsive customer support. If you’re affected, you can email your issue to the Estonian police via email.
Founders and important employees remain across Europe and Dubai – and if you’re a resident of the following countries, you can report to police and comment below, so that everyone could voice their support and take the legal case ahead.
As the crypto community grapples with this sudden and unexpected development, the main concern for most remains the recovery of their funds. Whether Coinfield’s stakeholders will face any legal repercussions remains to be seen.
For users affected by this closure and scam, it is recommended to stay updated with any official channels of communication and to explore legal avenues if necessary.
Are you one of the people who are affected by the scam Coinfield.com pulled off? You can let the Estonia police know. Comment below for more questions.