Crypto exchange pulls an apparent exit scam

Exchanges • October 28, 2018, 7:42PM EDT
UPDATED: October 29, 2018, 9:29AM EDT
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MapleChange, a small Canadian cryptocurrency exchange, claimed to have suffered a bug that allowed hackers to withdraw funds from its exchange. In an announcement on Twitter, MapleChange stated that "Because we have no more funds to pay anyone back, the exchange has to close down unfortunately. This includes all of our social media." Hours after the incident and the shut down of MapleChange's social media accounts, a group of investors found the identity of the CEO of MapleChange, disclosing his name and address on Twitter. 

After the disclosure of the CEO's name, MapleChange's Twitter account was reactivated, with the team stating "We have not disappeared guys. We simply turned off our accounts temporarily to think this solution through. 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."  (Source: CryptoSlate)

AUTHOR

Steven Zheng profile picture Steven Zheng

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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