While the world has its major crypto exchanges including Coinbase. BitFinex, Binance and others, the world is also rife with smaller crypto exchanges, like Maple Change.
Why would you ever want to go through a smaller crypto exchange? The most common and the largest crypto exchanges out there, trade a large volume of coins every day. With these high exchange rates, users often find themselves suffering from high trade fees, slow processing times and even total platform failure if the market becomes to hot.
Smaller crypto exchanges often have low transactions fees, faster service times and almost never a platform failure. Some exchanges even cater to a specific type of traders needs, or promise that no scam coins are available on their exchange. These are things a large exchange would never be able to do.
With there sometimes being positive draws to these smaller exchanges it’s important that you go into them with caution. The immediate thing that should discourage you from using an exchange is if the do not hand out private keys.
The one thing all crypto traders and users alike should know more than anything, is NEVER give out your private key. But what if there’s no private key to give out? Then you’re already in trouble. When an exchange doesn’t offer private keys to access users funds, it means that the exchange and almost anyone can access your assets with ease. This makes it easy for hackers to steal funds and even for the exchange itself to conduct what’s called an ‘exit scam’. That’s exactly what is believed to have taken place on Maple Change.
What happened to Maple Change
Maple Change was a smaller Canadian crypto exchange, that reportedly ‘lost’ all of its funds on over the weekend to a ‘hacker’, approximately 913 Bitcoins. Maple Change took to Twitter to alert its users of the supposed hacked. Only 11 minutes after they tweeted about the hack, they tweeted again stating that all funds were lost and nothing could be returned.
Shortly after that, Maple Change deleted all of their social media accounts shortly after that final tweet and disappeared rather suddenly. When an actual hack happens to an exchange, the exchange typically does not take such drastic measures to completely erase their existence which is what has raised if not solidified the suspicions of it being an exit scam.
In the weeks leading up to the crash of Maple Change, they had seen a large increase in usage and more assets had been added to their platform. Once the platform reached its all time ‘peak’ in value, there was a ‘hack’. The hack would have been relatively easy as no Maple Change accounts were protected with private keys. It is presumed that Maple Change hacked themselves and took the profits for themselves.
At this time, we are unsure if anymore information regarding the issue will rise or be recovered since Maple Change has theoretically, ‘disappeared’.