MapleChange Exchange Hacked

In the world of cryptocurrency, exchanges are often targeted by hackers looking to spot weaknesses in the system. It appears a Canadian exchange named “MapleChange” has become the latest victim in this battle to keep deviants out according to the latest Crypto news

Earlier this week, MapleChange’s Twitter account stated there were certain issues popping up with the exchange’s coding. They said this bug had allowed certain individuals to withdraw all of the funds on the new digital currency exchange. By the end of the day, their Twitter account didn’t exist and all they had left was a simple apology for what had transpired. Indeed, this is an event that will have people going back to the Mt.Gox days when a similar hack took place and similar statements were made. While Mt.Gox officials dragged the situation along for a bit, MapleChange hasn’t done the same.

Exchange Exit Scam?

Now, this is a question that has popped up among crypto investors and experts. Just like any other example, the first question people want to ask is whether or not the people behind MapleChange had this planned in advance. The idea of an “exit scam” is to pretend there’s a bug in the system and that all user funds have been lost. Since it’s impossible to find out what’s happened, users are left without funds and the team exit scams. This means they shut everything down, get rid of all online traces, and disappear into thin air along with the Altcoin

Has the same happened with MapleChange?

The Canadian exchange’s abrupt removal of accounts on social media does make it appear dodgy. There’s no reason for a valid operation to shy away after such a major mistake. In fact, most valid operations will continue to put in the time to see what’s occurred and what can be done on their end to allay fears. Unfortunately, it seems MapleChange was set up in a way where it wasn’t protected at all. While it only had 2,000 followers on Twitter, the exchange was being run as a small-time operation.

According to further research, it appears GoDaddy was the host for this exchange. Indeed, this is not safe at all and is a public host that doesn’t provide a good amount of protection for large exchanges.

Additional information also states the crypto exchange had been building trust with an upsurge in activity recently. It makes sense to leave or “exit scam” after accumulating a good amount of funds on the exchange.

Regardless of what the intentions were, MapleChange has disappeared into thin air leaving its users without their funds. check back on topcoincryptocurrency.com for more cryptocurrency updates