One small Bitcoin exchange is in the latest crypto news and the Bitcoin scams category. Based in Alberta, Canada, the exchange named MapleChange had announced that they “had no more funds to pay anyone back.”
In order to provide a further explanation, the exchange said that they had approximately one hour before deleting its Twitter page, saying that a “bug” had enabled “some people” to withdraw all of the funds on the exchange.
Even though this case relates to the Mt. Gox and the problems it claimed earlier this year, the handling of the two cases by their administrators was dramatically different.
The MapleChange Twitter account had less than 2,000 followers. In comparison, Coinbase, one of the most popular exchanges out there, has 1 million followers on Twitter.
Many have pointed that this may be the perfect ‘exit scam’ by the exchange, mostly because there have been such cases in the crypto space, dark web, and exchanges. The recipe, according to some experts, is quite basic – gathering trust, getting all the funds in one place and running off with the money.
Starting from the domain to the social media pages, the MapleChange “hack” has everything in line with the signs of an exit scam – which is why it is very possible for the exchange to simply disappear with all of the money.
We will update the story as soon as new information becomes available.
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“Because cyber security firms and anti-virus software operators responded quickly to the distribution of mining malware, the group of hackers were not able to generate a significant revenue from their operation. In most cases, anti-virus software detected the malware within three to seven days. If the malware was detected, the hackers sent new malware, but it was detected again by anti-virus software,”Carried into over 6,000 actively used computers, the operation managed to only generate $1,000 in profit in total.
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“Nor can WCF prove Shrem engaged in any misconduct. He did not. Shrem can show by verifiable evidence that he did not take the 5,000 bitcoins WCF accuses him of taking and that they belonged to Mr. X. Shrem, therefore, did not breach any duty to WCF, even if one were found to exist.”Both sides are going to meet in court tomorrow Nov. 8.
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