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Canadian Crypto Exchange MapleChange Gets Hacked

Canadian crypto exchange MapleChange announced via Twitter recently that it has been hacked. It also added in its tweet that they are presently unable to give funds back to users. Although this particular exchange is not so significant in the market, yet several users have been impacted by this news. Around 913 BTC is reported to have been stolen from the users.

Before deleting its Twitter page, MapleChange stated that a bug had enabled some people to withdraw all of the funds on the platform. Crypto educated readers may recollect the incident when the Mt. Gox exchange claimed to have encountered a similar issue. However, in the case of the latter, attempts were made to repair the damage, though it resulted in worse damage.

In case of crypto exchange MapleChange, unfortunately, the so-called hack has all the signs of an exit scam. For instance, had it been a hack, there was no need for the exchange to delete its social media pages or do a vanishing act in the manner that it has been done. Also, the short time span between the total disappearance of the exchange or its operators and the announcement of the bug is another prominent signal of an exit scam.

Another thing that is suspicious is the domain itself is registered at GoDaddy by Flavius P. One of the reasons for suspecting that this isn’t a bug or a hack is the timing of the incident. Also, the exchange’s recent traffic statistics display that they were doing more business over the last one week than they had been doing in recent times, as reported on CCN.

Several crypto exchanges have been hacked in different ways in the last couple of years. Crypto exchange Coincheck, for instance, experienced an attack at the beginning of the year that resulted in the loss of most of the funds that the exchange had. The exchange had explained at that time that they did not hold all the funds in cold storage wallets. Cold storage wallets are otherwise much more secure compared to hot wallets.

As of now, there is not much information on the issue and whether the funds whisked from crypto exchange MapleChange will be recovered or not. A Twitter account by the name of @MapleChange has been created with the intention of providing information about the exchange. It will also be providing information about those responsible for the hack, as stated in the Bitcoin Exchange Guide report.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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