Disappearing Acts: Cryptocurrency Exchange Companies Claiming “Bust”

Initially, many people believed that blockchain technology and cryptocurrency would be the ultimate equalizer, and there appeared to be a level of security when, in truth, there was none.

At MyChargeBack we see proof of this every day. We’re an international fund recovery service that has retrieved over $10 million for victims of online investment scams.

Exchanges are spending millions on security in vain as hackers are breaking through all the barriers. Wallets are being hacked and brand websites are being replicated. Technological advancements are, at this point in time, so corrupt and shady that fraudulent companies can pocket and take off with millions of dollars.

Let’s take a look at three cryptocurrency exchange companies that claim to have gone broke or disappeared:

  1. MapleChange

Recently, MapleChange, a crypto exchange company that was not widely known, announced that it had been a victim of a hack. The hack had reportedly resulted in a loss of consumer funds. MapleChange, which is believed to be Canadian, used Twitter to reveal that “due to a bug,” a group of people, who remain anonymous, were able to withdraw funds. The exchange stated that they were undertaking a “thorough investigation” but would not be able to refund anyone’s money.

While some people dismissed this information, additional comments made by MapleChange raised suspicions.

Following the “investigation,” MapleChange concluded that it could not reimburse its clients, stating that “the exchange has to close down, unfortunately. This includes all our social media.” Although the need to close down the exchange after a hack sounds logical and believable, dropping off the social media radar is not. If the exchange was legitimate, it would conduct an internal investigation and file a complaint with law enforcement authorities. Why not continue to keep a channel open to communicate details with clients?

  1. Pure Bit

A new Korean blockchain provider, Blockchain ROK, reported that the exchange company Pure Bit disappeared from the market after pocketing over 13,000 Ethereum (worth about $3 million) owned by clients.

BROK notes that the exchange’s CEO updated his name on Kakao (a Korean social media network) to “I’m sorry.” For many people, this detail provides evidence of a scam. Moreover, the Pure Bit Facebook page no longer exists and many of its other means of contact have disappeared. The Archive.org digital library, however, retains a copy of the Pure Bit website.

The Pure Bit ICO was conducted like any other. Exchange fees made with tokens would be discounted considerably, and account holders would be rewarded financially from the company’s profits. It seems that investor funds, however, were not locked in a smart contract, as is the case with wholly legitimate ICOs.

  1. Octaex

The cryptocurrency exchange Octaex has also vanished. According to Coinmarketcap.com, at the time of its last public announcement (made on May 31, 2018), its total daily volume was more than $10 million. The Octaex website has not been functional since mid-June. As of June 13, Octaex’s total volume was reported to have dropped to a mere $2,619.

We at MyChargeBack.com are dedicated to helping individuals who have been victims of cryptocurrency scams. If you think you or someone you know has been scammed, contact MyChargeBack for a free consultation. We’ll let you know if we can help you recover your money.

MyChargeBack.com is owned and operated by Cactil LLC, an American dispute resolution consultancy firm headquartered in New York with a global focus and an international client base throughout North and South America, Europe, Africa, Asia, and Oceania. The MyChargeBack team, which has recovered more than $10 million in funds for its clients to date, is comprised of professionals with extensive financial, legal and regulatory backgrounds who assist victims of binary option scams retrieve their money.

MyChargeBack is able to accomplish that because it knows how chargebacks work and how to ensure that each client’s case will be presented effectively to the bank. Contact us today for a free consultation. File a complaint today at: https://mychargeback.com/binary-options/