Purported MapleChange Hack Likely To Be an Exit Scam Strategy

Purported MapleChange Hack Likely To Be an Exit Scam Strategy

According to experts in the crypto industry, the recent incidence of an alleged bug involving MapleChange exchange in Canada is likely to be an exit scam strategy.

Furthermore according to CCN.com MapleChange exchange ceased all operations and deleted all its presence online. Its administrators were long gone after making the following announcement via their Twitter account;-

“As a result of a bug someone has been able to withdraw all funds from our exchange. We are carrying out a thorough investigation and are extremely sorry that MalpeChange exchange has to come to an end like this. Until the investigations are over, we cannot refund anything.”

With that said after an hour, MapleChange exchange Twitter account was deleted with its less than 2,000 Twitter subscribers left in the dark. But according to die-hard crypto enthusiasts, MapleChange exchange alleged bug points to an exit strategy used by scammers. First and foremost the removal of the Twitter account raises a lot of suspicion.

In this time and age of technology, one can measure the impact of a service or product via its followers on the Twitter account. Many crypt enthusiasts are very active on Twitter, and the high number of followers translates to high usage of the product. For instance C-Cex an altcoin has nearly 100,000 followers while Coinbase has over one million followers. With such high numbers, it’s easy to convey information by tapping directly into your Twitter followers. With MapleChange deleting its account it points to an exit scam.

Other Signs That Point To an Exist Scam

Before the exchange went off in the previous week, their website traffic shows they were pretty busy doing something. But come Sunday morning the bug incidence came up and MapleChange closed shop. Furthermore, their timing also raises eyebrows instead of releasing the information when people are awake the statement was issued on Sunday morning when many people were sleeping.

Another reason is, if MapleChange were a legit business the exchange would have gone to the streams to make the business look real like hosting its domain on a good platform. But for MapleChange their domain was hosted on GoDaddy platform registered by one Flavius P. With such details in place it points to a well-executed scam.

The other tell-tale sign is the disappearance of the exchange’s operators and MapleChange platforms within hours. An hour after the bug announcement the exchange presence online was erased. With the exchange offline after an alleged bug including its social media accounts, it’s likely this was a calculated heist like that of Mt Gox.