The world of cryptocurrency is full of frauds and brimming with malicious con artists. Having trust issues regarding anything related to crypto is a must which is the reason why people started reacting badly when a small Bitcoin exchange announced they were hacked and then deleted their official social media accounts.
MapleChange, a small Canadian exchange located in Alberta, went offline after declaring on Twitter that all their funds were lost due to a hacking incident. Their claims were loosely tied around a faulty code in which a bug in their system gave some users the opportunity to withdraw all the funds present in the exchange.
If you have been following the cryptocurrency news for a while then you might have found the uncanny resemblance between MapleChange’s claims and Mt. Gox’s hacking incident. “Is this another cryptocurrency exchange exit scam?” is a question being asked by many.
When Mt. Gox was hacked, the team behind it tried to contain the damage by employing drastic techniques which only resulted in more trouble. They tried to manipulate the market by influencing the Bitcoin’s price in order to recover all the lost funds before the incident became public knowledge. These were the steps taken by a legit exchange trying to overcome a situation in the worst possible manner. MapleChange, on the other hand, deleted their Twitter account one hour after their ‘funds lost’ tweet.
The official Twitter account of MapleChange had around 2,000 followers which is a clear indication of popularity among the crypto community. Cryptocurrency users are highly active on Twitter. Coinbase, one of the most popular crypto exchanges in the world, has more than 1 million followers. An even low-key exchange like C-Cex, an altcoin trading platform, has 100,000 followers.
How MapleChange Hack Can Be an Exit Scam?
Exit scams are one of the most basic and commonly used fraudulent techniques in the crypto space. These scams are used in online gambling, dark web, and cryptocurrency exchanges. The scam starts when the scamming company gains the trust of its customers, gathers all the funds, and when a significant amount has been collected they run off with the money. Some disappear overnight while others exit the scene with claims of hacks. This is one of the main reasons why crypto investors are constantly told to not keep their coins in exchanges. This market is highly volatile and has no proper regulation bills or taxation system. One can never be assured of what will happen next.
MapleChange’s hack incident points towards exit scam of 913 Bitcoins. The total social media blackout by the exchange after announcing their hack has put people on the edge.
MapleChange is back on Twitter. The ‘hacked’ exchange is trying to subdue the reputational damage caused by their sudden disappearance. They have tweeted how this whole thing was one big misunderstanding. They further said how they will not be able to retrieve and refund the hacked amount but they will open their wallets so that people can take out whatever amount is left in the exchange. MapleChange has set up a refund discord as well to help their distressed clientele.