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?
If you see the daily volumes of exchanges you will see that even if the fees that they charge are very small they are making a fortune every year, so it is completely understandable that some people want a piece of that money for themselves and want to create an exchange, the problem is that it is very difficult to create a successful exchange so it is likely that many dishonest people have a plan B and that plan is to steal the funds of all their clients.