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Bitcoin Prices Adversely Affected Following Sudden Closure of MapleChange

Yesterday’s sudden shutdown of a little known Canadian cryptocurrency exchange- MapleChange, has come as a blow to most cryptocurrency investors.

For the past 24 hours, the cryptocurrency market has held steady with a very low exchange rate in Canada and around the world.

Why did MapleChange shutdown?

MapleChange announced its shutdown via Twitter.  According to the firm, a software ‘bug’ leaked all the 913 bitcoins worth $6 million to hackers, following the shutdown. However, MapleChange assured its subscribers that it would probe the matter, however, would not compensate anyone.

Sometimes later, they deleted all their Social media accounts and deactivated their websites. All users attempting to log into the site were facing a timeout error. Could this be the latest cryptocurrency scam?

Over the past few months, the prices of bitcoins and other major cryptocurrencies, have been a little stable. As traders and investors await the growing user adoption, regulatory decisions, and the entry of some global banks. However, yesterday’s events to some extent affected the Bitcoin, which in the previous 24 hours has been on a sideways trend.

Bitcoin Exchange Hacks

Industry experts and cryptocurrency leaders have come out to analyze the supposed hack and advised the users to avoid unknown, unregistered or smaller exchanges. The MapleChange for instance, was a very small player in the industry, with less than 2000 followers on Twitter.

This is a very small figure compared to industry giants, Binance who have over 8,80,000 followers. According to Changpeng Zhao, the CEO at Binance says investors should avoid exchanges that offer cold wallets.

This latest scam has revived memories of the world’s biggest cryptocurrency scam- the Mt Gox Exchange scam. In early 2014, the agency shocked many investors after it announced the loss of over 750000 customer’s bitcoins and another 100000 bitcoins of their own. At that time, the bitcoins lost were equivalent of 7% of the global bitcoins and were worth a whopping $473 Million.

How To Protect Investors from Such Scammers?

Cases of Bitcoin hacks have remained rampant around the globe despite efforts to protect the users and regulate the industry. Resulting in excess losses for the investors and at times affect the market trends. Hence, it is the responsibilities of government and relevant authorities to protect traders.

In the UK for instance, the government is planning to move all Bitcoin exchanges and companies under the supervision of the Financial Conduct Authority. The Authority controls the country’s vast banking industry. Hence incorporating the cryptocurrency sector under it. Thereafter, it is enough assurance for the user’s protection.

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