Whilemajorcrypto exchanges andmonetarybehemothsareworkingto providetotally compliant full service platforms, thewild west of shady exchanges continues towreakmayhem. Users of MapleChange Exchange caught thebruntof the chaosyesterday, as all signspurposetoan entireloss of funds.
Yesterday, MapleChange Exchange tweeted thatthey’dbeen hacked. Moments later, theyadditional stated all their fundshave been compromised [stolen]. In next an hour their Twitter account was deleted,aboardallalternativemedia outlets: Discord, Telegram, and Facebook.The web sitealso additionally wentoffline. For traders of this exchange, itseemsthe worst casesceneis upon them.
While it remainsunsurewhatthe precisescenariowas, all signspurposedtoward a textbook exit scam.Though MapleChange’s history dates back tothe endofMay, activity wasminimal until last week when the daily volume reached a high of just under $70,000 USD, which carried into notable $30,000 USD daily averages for most of the week, according to Coingecko.
However for now, It is notsure enoughwhat proportionof funds werestolenon the exchange,howevertotal lossesdoubtlessrest somewhere around $3-5 Mln. MapleChange wasthe primarily sourceof trading for 3 altcoins: Conceal, Lumeno, and Blur Network.Eachof thesecoins face a grim futureas thecommunitiesareleft to themselvesto chooseup thepiecesfrom this unfortunate event. Conceal and Lumenoeachboasted market capsabove$1Mln,howeverit’sterriblypotentialthe worthof the coinsmaydrop to zero as aresult ofthiscrackdown.
MapleChange hosted exchange pairsfor twenty-fourcryptocurrencies,as well aslarger coins like Monero and Dogecoin. However, excluding theantecedentlymentioned, trade volume across the exchange was negligible.
There were roughlya thousand users registered on MapleChange exchange that werepotentiallyaffected;the exchange conjointlyenforcedKYC, alluding tothe chancethat their personalinfomay alsobe in dangeras well.