Canadian crypto exchange MapleChange recently reported a hack after disappearing suddenly from social media. The sudden disappearance of the exchange triggered suspicions regarding an exit scam.
Since MapleChange is a full KYC exchange its vanishing act caused additional worries related to data leakage for users. The overall act seemed to be highly mysterious as the exchange has a good reputation and regularly communicates and provides user feedback.
MapleChange cites bug hacking
The exchange recently revealed a hack by an unexplained bug as the reason for its disappearance and losing funds in the process. However, MapleChange did not disclose any further details. A few hours after its exit act the exchange started communicating actively, opened a Discord channel and tried to withdraw some altcoins.
Even then it lost some assets which the exchange will never be able to return. The niche exchange carries few altcoins not listed on larger markets. At the time of the hack, MapleChange held 62 coins in 110 pairs with extremely thin volumes between $30,000 and $60,000/ day.
Conceal (CCX), the most active coin on MapleChange spiked half the volumes reaching a price of $0.09. Out of all the assets that the exchange will be returning CCX will be the one which will safely return to traders.
Inside hand in hacking suspected
Many believe that the hacking at the Canadian crypto exchange could be an inside job as most of the altcoins remained unaffected and the exchange is returning them. However, the hackers have taken away major coins like Bitcoin (BTC) and Litecoin (LTC) which triggered the suspicion. The exchange is extremely small and is one of the rarest exchanges to be run by one person with limited resources.
This incidence once again proved that exchanges are extremely vulnerable whether the marketplace is large or small. According to analysts, the exchange lost around $3 to $5 million in the hack.