On Sunday morning, a relatively unknown canadian Exchange named maple change claimed to be 813 Bitcoin facilitates.
Maple change, with headquarters in Edmonton, Alberta, presented in their Twitter biography in their Vision: “A world-class, fast-response and smooth trading platform with headquarters in Canada!”
Maple change said on Twitter that “due to an error” an unknown group of individuals have to pay off manage the assets of the customer. They further explained that a “thorough investigation” would be carried out and they “will not be able to give refunds”. Many customers and critics of the legitimacy of this hack are skeptical, some even call it an Exit Scam. Maple change had an approximate daily trading volume of six million dollars.
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.
— Maple Change (@MapleChangeEx) October 28, 2018
Social Media Outcry
“One of our main concerns is safety for our customers. We invest a large part of our time and resources to ensure that safety is not compromised.“, so maple change
Shortly after she published a message about the Hack, took maple change your Social Media channels, including Facebook and Discord offline. This led to several Twitter users accused them to be the “Hacker”, the information about the Hack is wrong to depict and to plan an Exit Scam. Shortly thereafter, the response of the maple change Twitter administrator should provide the reason for the closure of its Social Media accounts followed.
“Since we have no more funds to someone to pay something back, must be closed, the Exchange unfortunately. This includes all of our Social Media channels. “
Exchange 2.0 Release
A day before the Hack, had maple change just a sleek, updated 2.0.0 Version of your Exchange online. In view of the fact that the new UI and UX were Updates in the foreground, this Hack is for many Users more than surprising.
Such a great Hack led shortly after the Update to several questions, such as why maple change has no insurance for such total failures, in order to compensate at least the customer. Maple change insisted that they will compensate any customers for your Bitcoin (BTC) losses.
Beware of small, unregulated Exchanges
This event is again in the focus that investors and interested parties should proceed with great caution when it comes to smaller, unregulated exchanges, such as the maple change. In addition, the use of decentralized Exchanges, or Hardware, it is recommended to Wallets, to avoid the impact of such a Situation, or to minimize. Your concerns against these smaller trading platforms have expressed enthusiasts in addition, several prominent Crypto.
BitLord, a popular Australian crypto-Trader, in a 6-minute monologue on maple change, and explained precisely this danger. He added that a small crypto-Exchanges should be treated with skepticism and mentioned that this skepticism is one of the reasons that he was able to stay in the crypto industry over such a long period of time without significant losses.
Another crypto-Journalist, Joseph Young, was sure and explained that maple change I just performed an “Exit Scam”. He said that these smaller Exchanges to focus exclusively on maximizing your profitability, without taking into consideration their customers, and the management of their funds.
A small crypto exchange pulled off to an exit scam, taking all customer funds.
There is no incentive for using small exchanges. Use established exchanges that are regulated, & transparent.
Small exchanges so focus on maximizing profitability, not security or investor protection pic.twitter.com/iKEO8rDv5z
— Joseph Young (@iamjosephyoung) October 28, 2018
Changpeng Zhao, the well-known CEO of Binance, concluded that every crypto Investor should not keep his crypto-assets on Exchanges, which grant him full access to his Private Keys and Cold Wallets.
Even if maple change was in relation to the total trading volume in no very great Exchange, this is an extremely rare Situation in which an entire Exchange must be set on the basis of a supposed “Hacks” of their platform, the complete operation. Only time will show how the maple change Management responds to the public fuss about this supposed Exchange-Hack.
As always, crypto Ticker advises all crypto-currency investors and enthusiasts, be careful when it comes to the buying and selling of crypto-currencies on Exchanges. Always be sure that you have access to your Private Keys and, optionally, Cold-Wallets.
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