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MapleChange hacked, all funds disappeared

MapleChange hacked, all funds disappeared
Oct 29, 2018 by Rico Wise

An hour prior to deleting its Twitter account, the cryptoexchange had reported that an alleged “bug” had allowed “some people” to take control over all the funds that were on cryptoexchange. The similar issue was once encountered by the Mt. Gox. However, the two issues have been handled by their owners in a completely different way. Mt. Gox attempted to make amends, but not only they were unsuccessful, they have resulted in the infliction of even greater damage.

The Twitter account of MapleChange had under 2,000 followers. For comparison, the San Francisco-based Coinbase has more than 1 million readers on Twitter and a less popular cryptoexchange C-Cex has approximately 100,000 people following the account. Briefly speaking, the cryptonaughts usually display high activity on Twitter, and one can use the account metrics to make more or less decent judgement on the product’s popularity.

It has been a long time since there were attempts to pull off an exit scam. For the most part, the cryptocommunity has witnessed them in the gambling industry, the dark web, and with cryptoexchanges. The scheme is simple: accumulate the trust of clients, concentrate all of their money in the same place, flee with all the money you can.

The method of withdrawal of funds does not really matter, as it could be either a claim of being hacked, or simply going offline without a single word. This is why the wisdom of storing your digital assets off the cryptoexchange is so important to this day.

Unfortunately, it seems that MapleChange has done exactly what the exit scam in itself is, however the representatives of the cryptoexchange have not yet come out with a statement.

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