CoinField was once promoted as a user-friendly crypto exchange with support for 28 cryptocurrencies, low fees, and a proprietary SOLO card for spending digital assets. But today, it’s not a platform - it’s a warning. If you’re considering CoinField, stop. This isn’t a review of a flawed service. This is a post-mortem of an exit scam that left thousands of users locked out with no way to recover their money.
What Happened to CoinField?
CoinField launched in January 2018, positioning itself as a Canadian-based exchange with European compliance standards. It offered Bitcoin, Ethereum, Litecoin, Tether, and other major coins. It had a clean interface, two-factor authentication, and KYC checks that looked legit. For a while, users trusted it. But behind the scenes, things were falling apart. By late 2023, users started reporting the same thing: withdrawals stopped. Emails went unanswered. Support tickets vanished into thin air. Then, on December 20, 2023, Cryptowisser - one of the most trusted crypto exchange review sites - officially labeled CoinField a scam and moved it to their "Exchange Graveyard." That’s not a minor flag. That’s a death certificate. The platform didn’t shut down with a notice. It didn’t offer refunds. It didn’t even send an email. One day, the website showed Error 522. The next, it was gone. Users in Canada, the U.S., and Europe found their accounts frozen. Their Bitcoin, Ethereum, and USDT? Trapped. Forever.How the Scam Worked
CoinField didn’t just fail - it was designed to fail. The pattern matches other notorious crypto exchange collapses like FTX and QuadrigaCX. First, they attracted users with low fees: 0.15% maker, 0.25% taker. Competitive? Yes. But not enough to justify the risk. Then they pushed their own token, SOLO, encouraging users to deposit and trade it. They even offered a plastic card linked to SOLO balances - a shiny lure to make users feel like they were part of something real. They claimed to support six fiat currencies and offered OTC trading. They even sold White Label exchange solutions to other businesses. All of this created an illusion of legitimacy. But here’s the truth: no legitimate exchange lets users sit on funds for months without processing withdrawals. No legitimate exchange vanishes without a trace. When users tried to cash out, they were met with delays. Then excuses. Then silence. Some users reported being locked out after just a few weeks. Others waited six months. No one got their money back.User Reports: Real Stories, Real Losses
On Reviews.io, CoinField has a 2.5 out of 5 rating from 237 reviews. But look closer. The recent ones aren’t complaints - they’re cries for help. One user from Ontario wrote: "I deposited $8,000 in ETH in April 2023. I tried to withdraw in August. No response. I’ve sent 12 emails. Nothing. I even called my bank to reverse the transaction. They said they can’t touch crypto exchanges. I lost everything." Another from Germany said: "I used CoinField for over a year. I trusted them. I even referred three friends. Now I can’t log in. The site says ‘Error 522.’ I checked the domain registration. It’s owned by a shell company in the Seychelles." Some reviews mention a new site: "coinfield.us.com." They claim withdrawals worked there. But those reviews are marked "unverified" - and for good reason. The original CoinField domain was shut down. The new one? No registration history. No contact info. No legal entity. It’s a copycat. A trap.
Security? What Security?
CoinField claimed to use encryption and 2FA. But security isn’t just about tech. It’s about accountability. A real exchange doesn’t disappear. A real exchange has a public team. A real exchange has a physical address. CoinField had none. The founders? Surya Chowdhury and Alex Lightman. Public profiles? Sparse. LinkedIn? Inactive. No interviews. No press releases after 2021. No regulatory filings in Canada or the EU. Just a website and a promise. And here’s the kicker: CoinField never published proof of reserves. No third-party audit. No transparency. That’s not negligence - it’s a red flag the size of a billboard.How It Compared to Other Exchanges
Before its collapse, CoinField tried to compete with bigger names like Binance and Kraken. But here’s the reality: even the smallest reputable exchange gives you one thing CoinField never did - access to your funds. Compare CoinField to FameEX. FameEX charges a flat 0.10% fee - lower than CoinField’s 0.25%. But FameEX doesn’t vanish. It has customer support. It has audits. It has a track record. CoinField’s biggest "advantage" was the number of coins it supported: 28. But that’s meaningless if you can’t withdraw any of them. More coins don’t make a platform safe. They just make it more attractive to scammers.
What You Should Do Now
If you used CoinField and still have funds there: you’re likely out of luck. But don’t give up. Here’s what you can try:- File a report with your local financial regulator (e.g., FINTRAC in Canada, SEC in the U.S.)
- Report the scam to Cryptowisser and other crypto watchdogs
- Check if your bank or payment processor can help trace the transaction
- Join user groups on Reddit or Telegram - others are in the same boat
- Never, ever use "coinfield.us.com" or any similar site. It’s a clone.
Why This Keeps Happening
CoinField isn’t an exception. It’s the rule. In 2022 alone, over $1.2 billion vanished from crypto exchanges that collapsed. Most were unregulated. Most had no audits. Most had anonymous teams. The crypto space is full of innovation. But it’s also full of predators. If an exchange promises high returns, has no clear leadership, or doesn’t let you withdraw easily - it’s not a platform. It’s a Ponzi. Don’t let the shiny interface fool you. Don’t let the low fees trick you. Don’t let the SOLO card tempt you. If you can’t withdraw your crypto, you don’t own it. You’re just holding a digital IOU from someone who doesn’t plan to pay you back.Final Warning
CoinField is dead. Not dormant. Not under maintenance. Dead. The money is gone. The team is gone. The website is gone. The only thing left are the stories of people who trusted them. If you’re reading this and thinking, "I’ll just try one more time," don’t. The next site you click on will be another ghost. Another graveyard. Another loss. The lesson isn’t about CoinField. It’s about trust. In crypto, your private keys are your only safety. If you don’t control them, you don’t own your money. And if you’re storing it on an exchange with no name, no team, and no track record - you’re already losing.Is CoinField still operational?
No. CoinField ceased operations in December 2023. The original website no longer works, and the platform has been officially labeled a scam by Cryptowisser. Any website claiming to be CoinField now is a copycat designed to steal more funds.
Can I get my money back from CoinField?
The chances are extremely low. Most users who deposited funds into CoinField have not recovered any money. There is no official recovery process, and the company’s leadership has disappeared. Reporting the scam to financial regulators may help others avoid the same fate, but individual fund recovery is unlikely based on similar past cases like FTX and QuadrigaCX.
Was CoinField regulated?
CoinField claimed to follow Canadian and European compliance rules, but no public records show it was licensed by any financial authority. No regulatory filings exist under its name in Canada, the EU, or the U.S. Legitimate exchanges publish their licenses - CoinField did not.
What were CoinField’s fees?
CoinField charged 0.15% for maker orders and 0.25% for taker orders. Bitcoin withdrawals cost 0.0015 BTC. While these fees were within industry range, they became irrelevant once withdrawals stopped working. Fees don’t matter if you can’t access your funds.
Did CoinField have a mobile app?
Yes, CoinField offered a mobile app called CoinField Pro. But like the website, the app no longer functions. Users reported it crashing or showing login errors after the platform shut down. Even if you still have the app installed, it cannot connect to any live servers.
What should I look for in a safe crypto exchange?
Look for: a clear company name and team, a physical headquarters, published audits, a history of at least five years, and verified user reviews about successful withdrawals. Avoid exchanges that don’t list their leadership, hide their location, or push their own tokens. If you can’t withdraw your crypto easily, you don’t own it.
Man, I lost $5k to this thing back in '22. I thought I was being smart using a "Canadian" exchange. Turns out "Canadian" just meant they used a Vancouver PO box. I still check the domain every month like a fool. No luck. Just ghosts.