Opinions

Bitcoin Worth $6 million ‘Hacked’ From MapleChange

MapleChange is a Canada based small exchange that went offline last night. The official (unverified) Twitter page with less than 2,000 followers announced that they ‘have sustained a hack, and are investigating the issue’

As the story developed, the Twitter account then announced that the ‘hack’ was due to a bug.

‘Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything.’— MapleChange (@MapleChangeEx) October 28, 2018

This give way to twitterati rage that were quick enough to call this a ‘ploy’ and  ‘deceptive exit scam’. Users tore apart the exchange’s credibility in specific and cryptocurrency’s in general.

The name dubbed for the event was ‘MapleScam’

In a shady move the exchange than deactivated the twitter page and the official website that further caused panic and confusion with the customers and the people who were hanging on to the news.

6 hours after the initial announcement, MapleChange was back with a tweet, this time, a stupid one.

‘We have not disappeared guys. We simply turned off our accounts temporarily to think this solution through. We cannot refund everyone all their funds, but we will be opening wallets to whatever we have left so people can (hopefully) withdraw their funds.’— MapleChange (@MapleChangeEx) October 28, 2018

People were quick enough to point the stupid logic behind this act. Who deactivated social accounts to think? Shady.

To make things worse, MapleChange announced that they won’t be able to refund BTC or LTC. Shady.

‘We CANNOT refund any BTC or LTC funds unfortunately. We will try our best to refund everything else.’ — MapleChange (@MapleChange)

The last piece to the night’s shit show was the handing over of wallets with remaining coins to the developers.

We are sending all of the coin developers the wallets containing the coins we have left. So far, LMO and CCX have been handed over the funds. — MapleChange (@MapleChangeEx) October 28, 2018

Handing over funds to developers wasn’t the best way of handling the event and that adds to the pile of shady things the exchange did.

The exchange then disabled access to their website, 404-ing their concerned users.

Fortunately for crypto world (other than the people who were affected directly), Bitcoin remained steady and took no notice of the supposed break-in.

BTC Charts
Source: CoinMarketCap

Looks like the advice of ‘keep away from small exchanges, you may never know when one decides to blow up’ was solid.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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