A Bitcoin exchange based out of Alberta, Canada has gone offline. Before their Twitter page was taken down, MapleChange announced that that had “no more funds to pay anyone back.”

The exchange had about one hour before deleting the Twitter page. They said that there was a bug in their exchange which allowed people to withdraw all the exchanges that were present in the exchange.

This incident seems eerily similar to the Mt. Gox scandal. In the case of the Mt. Gox, the exchange administrators tried fixing the damage, which ended up worsening the situation. They even went too far to manipulate the price of Bitcoin to get back the funds by the customers before their deed was discovered.

MapleChange was a small-sized exchange and had under 2,000 followers on its Twitter account. Comparatively, Mt. Gox had more than a million Twitter followers. It has been seen that most cryptocurrency platforms are quite active on Twitter, yet it isn’t the perfect way to judge the popularity of a product or a service.

MapleChange’s official Tweet said

“Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything.”

MapleChange’s situation appears to be a textbook example of an exit scam.

There wasn’t any reason for the company to get rid of all its social media pages and disappear. The company owes multiple people money, these things are common in the business world. Users still think that insurance and bankruptcy courts would have been a better strategy for the company.

It’s highly likely that this is not a genuine hack but a scam.

This news was originally published on CCN.