News of MapleChange Exchange being robbed of funds, due to a bug on Sunday morning, set the cryptoworld of not just the 2,000 odd members on the Canada-based exchange on a tether; it set the whole of cryptoworld on a maddening spree of condemnation and allegations of Exit Scam.
The break-out news of a hack and damage-control was quickly followed by a close-down of all media accounts by the exchange, fuelling further speculation of the means and way in which crypto-investors were being exploited by clever-scams.
However, in four hours after the denouncement, MapleChange Exchange attempted to scorch the fires of mistrust and more with the following tweet:
@MapleChangeEx at the time of publishing tweeted:
“We have not disappeared guys. We simply turned off our accounts temporarily to think this solution though. We cannot refund everyone all their funds, but we will be opening wallets to whatever we have left so people can (hopefully) withdraw their funds.”
The blow-out of the scam
On Oct 27, there “maintenance” completed and server upgraded to 2.0.0, over a couple of hours, following the Oct 23 grand “finale” (sic!) of unbelievable volume notably on Oct 10-11, 2018. The exchange was on a listings spree after making to CoinGecko on Oct 5. Apparently, the pairing which was gaining much of the value of transactions was LTC/LMO.
Source: [email protected]
After the closedown of media accounts in a matter of hours after the alleged robbery, it was a relief to see necessary accounts restored and further communication from the people at MapleChange Exchange, including two critical tweets:
First Tweet, a Discord Server opened to allow refunds. The reason the server is set up is to ensure people can update with their missing funds.
The second Tweet stated that all coin developers were sent wallets with the coins that remained with the exchange. LMO and CCX funds were already returned to the respective developers.
Some interpretations and analysis of the hack-scam
As noted earlier in the space between the first tweet reporting the hack and close down of accounts and restoration the number of analysis and interpretations happening were discussed threadbare by the investor to an industry veteran.
The common allegory was that the ‘hack’ was used to describe an internal job to run away with the collected funds. Typically small-sized exchanges would attempt such a heist, especially in the days or weeks following a great run at the trading counters.
Some drew parallels of the alleged-heist to the Great Mt.Gox break down which happened several crypto-years ago! The same analysts reported that greater damage was done by Mt.Gox defenders when they attempted to the right the wrong by ‘manipulating’ bitcoin prices itself. They alleged this could be the case on MapleChange Exchange, as the developers were not all very upfront in offering the validated, necessary information with regard to their registrations and other officials.
However, the hours between Sunday morning when cry to investors took time-off and the time they were back at their desks has been long and trying. MapleChange Exchange has announced the return of LMO and CCX back to its developers but indicates none of the others are likely to be refunded! Further developments awaited.