- MapleChange, a Canadian cryptocurrency exchange, was hacked earlier this week
- Initial reports claimed the exchange lost 919 BTC but they claim it was 8 BTC
- Apparently, the misreporting was due to an image tweeted out showing trading volume
On the 29th of October, it was reported that MapleChange, a Canadian cryptocurrency exchange, was hacked and had lost its funds. This one of a number of crypto related hacks that have taken place in recent times – such as with PigeonCoin.
MapleChange is a relatively small exchange and so it was surprising that the hack received such media attention. However, what caused the story to be so interesting was the apparent fact that MapleChange had lost about 919 BTC or about $6 million.
When the story first broke, attention was further fueled by a tweet sent out by MapleChange saying that they had no funds to pay back their users and was closing down. Many in the cryptocurrency community immediately suspected foul play and that perhaps this was an exit scam.
After all, the exchange couldn’t simply claim they lost over $6 million and run.
However, the exchange is now claiming that the amount stolen was not 919 BTC but actually 8 BTC.
Where the mix-up occurred
“The negative balance was used in order to fully buyout every market the attackers felt like, they were able to sell without limitations and accumulated 15BTC of non-existent funds. Out of which they only managed to withdraw what he had in total – 8BTC.”
In a tweet sent out by MapleChange, it was explained that the reason for the mix-up was that when an image was sent out showing the extent of the damage done, 919 BTC was shown as the trading volume. This, according to MapleChange, led the media to believe that 919 BTV was the actual amount stolen.
In reality, the exchange was only handling about 2 BTC in trading volume a day and the 919 BTC figure was meant to indicate the amount of damage the hack has caused.
“Regardless of what the media has spewed out about us, I’d like to bring to light our point of view, should you choose to believe it or not. We have NEVER had 919 BTC in our wallet, the picture that displayed so showed the volume abuse caused by the hackers.”
While the authorities will be investigating the incident, it is rather odd that the company had essentially announced it was closing down as they could not refund anyone their funds but now seem to be refunding users’ funds besides BTC and LTC.