Another devastating crypto hack: Canada’s MapleChange becomes the latest victim

Hacking attacks in the cryptocurrency industry have become an issue of concern. The devastating hack on Japan’s Coincheck saw users lose over $530 million. The Japan Financial Services Agency (FSA) has been very crypto progressive ensuring that new attacks are kept at bay.

MapleChange, a Canadian cryptocurrency exchange has become the latest victim of a hack attack. The exchange reported to its followers on Twitter that it has suffered an attack. The hackers made away with the customer’s funds. The hackers explored a bug on the exchange that left the system vulnerable to attack. All the funds that were in the custody of the exchange has been lost. Importantly, investigations are underway into the matter as per the announcement made via Twitter on Sunday. The message sent via twitter reads:

“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.”

All user accounts on the exchange have been suspended to allow for investigations to run their course. Besides, the exchange has told the users that they will not be refunded until the investigation have been completed.

“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,” MapleChange said via another Twitter message.

In the wake of the investigation, the leaders of Maple have said that they are not going to be refunding all the users. This does not come as a surprise because the exchange will be shutting its doors as well as their social media presence.

Various cryptocurrency experts in the industry have come out saying that this could have been an exit strategy terming it as a scam. The CEO of Binance, Zhao Changpeng has advised crypto users to stick to established exchanges that have access to cold wallet storage.