Why Minor Crypto Exchange Pulls Off Exit Scam, Steals All User Funds - page 2.

charlotte04

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Quote from: cybersofts on November 11, 2018, 01:55:06 AM

A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

Of course they want it all for themselves, what else is the explanation for that? When they know that the funds of their customers are high enough they will eventually take it all and leave the exchange.

Pab

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Quote from: cybersofts on November 11, 2018, 01:55:06 AM

A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

t
Reason is always the same
Make easy money
i know from the deep past a lot of exchanges what disappear with user funds
Some of them were not small even but biggest exchanges that time

Mintpal Cryptsy CoinRush are best examples
Owners were posting news we have been hacked but true was different
Owners stolen people money and disappear
So do not trust any exchange any of them is not 100% trustworthy

pixie85

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Quote from: cybersofts on November 11, 2018, 01:55:06 AM

What is the motive behind all these minor exchanges, anyway?

All businesses start small and everyone has the right to make their own exchange, especially if there's a demand for a currency that operates on local currency. Not all of us have or want USD and EUR. Some people want INR or some other currency and will be drawn to these small exchanges.

We don't know why they did it but the best explanation is "for the money". They wanted money now and were ready to break the law to get it.

damberg

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Quote from: btc_angela on November 11, 2018, 04:04:46 AM

Quote from: cybersofts on November 11, 2018, 01:55:06 AM

A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

But the question is, MapleChange or at least the people behind that exchanges can't hide because their real identify is all over the net. So as much as they wanted to exit scam, sooner or later they will be caught by the authorities. As for the motives, I can't say, the only thing I seen is that perhaps they don't have the funds to liquidate their customers so its better to hide and run from them.

It is sad to see these small exchanges ruining trust in cryptocurrency exchanges. They might have thought in certain point that they will never make money in such highly competitive market, and they didn't see any other way than fleeing to some distant islands in the middle of ocean (I am not trying to advocate their actions, just trying to understand their motivation).

audaciousbeing

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Quote from: cybersofts on November 11, 2018, 01:55:06 AM

A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

Its really disappointing to see things like this happening in the crypto world because not only does it limit the chance of other startups from breaking even in record time, it brings disrepute to the entire market that anyone can launch and then scam with little or no consequence which is what we don't need in the market at this time.

The motive behind small exchange sites is based on the objectives of the promoters. Agreed that they might have some amount of challenges in terms of liquidity but not enough to then cart away investors fund. Return their money then go back to the drawing board to re-strategize then come back. The reputation would still be intact and this time, enough to spread to the market easily.

btc_angela

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Quote from: cybersofts on November 11, 2018, 01:55:06 AM

A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

But the question is, MapleChange or at least the people behind that exchanges can't hide because their real identify is all over the net. So as much as they wanted to exit scam, sooner or later they will be caught by the authorities. As for the motives, I can't say, the only thing I seen is that perhaps they don't have the funds to liquidate their customers so its better to hide and run from them.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Quote from: cybersofts on November 11, 2018, 01:55:06 AM

A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

Any business must be profitable and a lot of these smaller exchanges are not getting enough customers to make it sustainable, so they just go the exit scam route to recover their losses.

Other sites do this as a long con, because they know the exchange will not succeed, but they do it anyway, because they know they can get a lot of money at the end, if enough people join their service. They just monitor the deposits and when enough people deposit a large amount of money, they cut their losses and run. Angry

cybersofts

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A small Canada-based crypto exchange called MapleChange and now the Pure Bit from South Korea has pulled off an exit scam, disappearing with user funds all in one month. The disappearance of MapleChange and Pure Bit with user funds has led experts in the sector to encourage crypto investors to prevent the utilization of minor exchanges with no reputation and cold wallets that accurately represent their holdings.

What is the motive behind all these minor exchanges, anyway?

Topic: Why Minor Crypto Exchange Pulls Off Exit Scam, Steals All User Funds - page 2. (Read 372 times)