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?
Money. Pure and simple. That's their motive, they all think that it's easy to run a good exchange and they'll easily make millions. Probably the only minor exchanges that do make millions are the ones that do as these two did. People shouldn't use such exchanges and even if they do, they should not leave their coins in the exchange any longer than is necessary.