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No Major Impact On Bitcoin’s Price After Crypto Exchange MapleChange Hack

There seems to be no major impact on the price of Bitcoin after crypto exchange MapleChange claimed to have been hacked. Along with the larger cryptocurrency market, Bitcoin prices have remained pretty stable after the lesser known Canadian crypto exchange suddenly shut down recently. MapleChange announced on Twitter that a software bug led to all of the 913 bitcoin to be stolen from its platform.

With the market trading sideways over the last 24 hours, the Bitcoin price seems to have moved very little after the news of the hack became public. The exchange tried to reassure its users that it will be conducting a detailed investigation into the matter. However, it warned them that at the moment it won’t be able to make refunds. MapleChange then quite surprisingly deleted its social media accounts and its website went offline soon thereafter.

Other than this hacking incident at crypto exchange MapleChange, the price of Bitcoin and other major cryptocurrencies have been remarkably stable over the last few months. This is due to a growing user adoption of Bitcoin, interest displayed in the coin by some of the world’s biggest banks and traders and investors awaiting decisions on Bitcoin ETFs by regulators.

The CEO of the world’s largest crypto exchange by volume Binance Changpeng Zhao advised users on Twitter to not use exchanges that don’t have anything in their cold wallets. In response to his tweet, a user commented that big exchanges still get hacked and customers end up losing their funds. He also added that there are risks involved in using all centralized exchanges.

To that, Zhao commented that most people have their PC hacked or they get phished by a virus, than centralized exchanges. He also added that exchanges spend way more than a normal user. He concluded adding that it ultimately depends on the user to take a call on what is more secure.

While crypto exchange hacks are never good news for the industry, crypto exchange MapleChange’s small size means that the damage is somewhat contained. The exchange’s Twitter account had less than 2,000 followers compared to exchanges like Binance with around 880,000 followers. Crypto experts were quick to respond on the supposed hack and warned people to avoid trading on smaller or lesser known exchanges, as reported on Forbes.

[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. ]
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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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