While major crypto exchanges and monetary behemoths are working to provide totally compliant full service platforms, the wild west of shady exchanges continues to wreak mayhem. Users of MapleChange Exchange caught the brunt of the chaos yesterday, as all signs purpose to an entire loss of funds.
Yesterday, MapleChange Exchange tweeted that they’d been hacked. Moments later, they additional stated all their funds have been compromised [stolen]. In next an hour their Twitter account was deleted, aboard all alternative media outlets: Discord, Telegram, and Facebook. The web site also additionally went offline. For traders of this exchange, it seems the worst case scene is upon them.
While it remains unsure what the precise scenario was, all signs purposed toward a textbook exit scam. Though MapleChange’s history dates back to the end of May, activity was minimal 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 not sure enough what proportion of funds were stolen on the exchange, however total losses doubtless rest somewhere around $3-5 Mln. MapleChange was the primarily source of trading for 3 altcoins: Conceal, Lumeno, and Blur Network. Each of these coins face a grim future as the communities are left to themselves to choose up the pieces from this unfortunate event. Conceal and Lumeno each boasted market caps above $1Mln, however it’s terribly potential the worth of the coins may drop to zero as a result of this crackdown.
MapleChange hosted exchange pairs for twenty-four cryptocurrencies, as well as larger coins like Monero and Dogecoin. However, excluding the antecedently mentioned, trade volume across the exchange was negligible.
There were roughly a thousand users registered on MapleChange exchange that were potentially affected; the exchange conjointly enforced KYC, alluding to the chance that their personal info may also be in danger as well.