The operator of MapleChange took down all related websites, but then he was identified by internet detectives.
MapleChange, a cryptocurrency Exchange based in Edmonton in Canada, claims to have had all its money stolen. Many do not believe this story because the exchange deleted its internet presence, before re-appearing after people published the address of the owner.
'We have no more funds to pay anyone back'
Tracking this story through the migraine-inducing tunnels of Twitter, the facts appear to be as follows:
22.10.18 - MapleChange boasted of handling trades worth a total of 9.837 BTC ($63,693).
27.10.18 - MapleChange temporarily took the site down in order to upgrade the server, which it said was completed successfully.
28.10.18 - MapleChange informed users via its Twitter profile: "We have sustained a hack, and we are investigating the issue."
28.10.18 - MapleChange informed users via its Twitter profile: "Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything."
When challenged by users, the profile responded: "Because we have no more funds to pay anyone back, the exchange has to close down unfortunately. This includes all of our social media."
Obviously, the second sentence of this statement is a non-sequitur.
But you also deleted your discord and telegram @MapleChangeEx why?
The act of deleting its accounts caused numerous media outlets to proclaim that the company had executed an exit scam - that is, that the people behind the exchange had stolen the money themselves. Even Changpeng Zhao of Binance, the most popular Cryptocurrency Exchange in the world, took note:
Reportedly, the sum stolen was 913 bitcoins, or $5.9 million. This figure was reported by a social media account set up specifically to investigate this matter (@maplechang'ed).
I attempted to validate this by looking at the claims made by customers on the dedicated website which MapleChange had set up, but found that the page was not working:
MapleChang'ed
The people behind this new account found the exchange's IP location and published the name and address of the individual suspected to be behind the company.
This writer considers this behaviour irresponsible. If this is indeed the correct information, it should have been given to the police. There is also the possibility that an unrelated person may find themselves the target of a mob.
Nonetheless, it had an effect. Shortly after the individual's image began touring the internet, the MapleChange Twitter account became active again with this statement:
"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."
This is reminiscent of the story of a German startup called SaveDroid, which took $50 million in its ICO. CEO Yassin Hankir disappeared with the money and even left a taunt on his Twitter page.
However, people being what they are, he was soon located. He reappeared sharpish, claiming that he was only joking; he was trying to raise awareness of how easy it is to be taken by fraudsters. Obviously, this was not terribly appreciated.
How Much Money?
Now, looking at the official website, one sees this:
The figure displayed at right is equal to around $4.7 million, considerably more than the highest amount ever registered previously.
The MapleChange account claims that this is the result of control being taken from the owner(s).
We are unable to. Our exchange has been hacked by someone, and has been manipulated into their favour. pic.twitter.com/TSdmfw8UxK
The last word from the exchange so far is that it plans to give back what few tokens it still has to the development teams behind those tokens.
I'm sure many communities, Masari included, would *not* support this action - handing over undisclosed funds to developers of a project is a horrible way to handle this, and there's nobody other than the exchange itself that can confirm and release funds to its rightful owners
MapleChange, a cryptocurrency Exchange based in Edmonton in Canada, claims to have had all its money stolen. Many do not believe this story because the exchange deleted its internet presence, before re-appearing after people published the address of the owner.
'We have no more funds to pay anyone back'
Tracking this story through the migraine-inducing tunnels of Twitter, the facts appear to be as follows:
22.10.18 - MapleChange boasted of handling trades worth a total of 9.837 BTC ($63,693).
27.10.18 - MapleChange temporarily took the site down in order to upgrade the server, which it said was completed successfully.
28.10.18 - MapleChange informed users via its Twitter profile: "We have sustained a hack, and we are investigating the issue."
28.10.18 - MapleChange informed users via its Twitter profile: "Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything."
When challenged by users, the profile responded: "Because we have no more funds to pay anyone back, the exchange has to close down unfortunately. This includes all of our social media."
Obviously, the second sentence of this statement is a non-sequitur.
But you also deleted your discord and telegram @MapleChangeEx why?
The act of deleting its accounts caused numerous media outlets to proclaim that the company had executed an exit scam - that is, that the people behind the exchange had stolen the money themselves. Even Changpeng Zhao of Binance, the most popular Cryptocurrency Exchange in the world, took note:
Reportedly, the sum stolen was 913 bitcoins, or $5.9 million. This figure was reported by a social media account set up specifically to investigate this matter (@maplechang'ed).
I attempted to validate this by looking at the claims made by customers on the dedicated website which MapleChange had set up, but found that the page was not working:
MapleChang'ed
The people behind this new account found the exchange's IP location and published the name and address of the individual suspected to be behind the company.
This writer considers this behaviour irresponsible. If this is indeed the correct information, it should have been given to the police. There is also the possibility that an unrelated person may find themselves the target of a mob.
Nonetheless, it had an effect. Shortly after the individual's image began touring the internet, the MapleChange Twitter account became active again with this statement:
"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."
This is reminiscent of the story of a German startup called SaveDroid, which took $50 million in its ICO. CEO Yassin Hankir disappeared with the money and even left a taunt on his Twitter page.
However, people being what they are, he was soon located. He reappeared sharpish, claiming that he was only joking; he was trying to raise awareness of how easy it is to be taken by fraudsters. Obviously, this was not terribly appreciated.
How Much Money?
Now, looking at the official website, one sees this:
The figure displayed at right is equal to around $4.7 million, considerably more than the highest amount ever registered previously.
The MapleChange account claims that this is the result of control being taken from the owner(s).
We are unable to. Our exchange has been hacked by someone, and has been manipulated into their favour. pic.twitter.com/TSdmfw8UxK
The last word from the exchange so far is that it plans to give back what few tokens it still has to the development teams behind those tokens.
I'm sure many communities, Masari included, would *not* support this action - handing over undisclosed funds to developers of a project is a horrible way to handle this, and there's nobody other than the exchange itself that can confirm and release funds to its rightful owners
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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