Livecoin hacked by cybercriminals

  • Livecoin is a cryptocurrency exchange.
  • The exchange was hacked and the prices of cryptocurrency tampered at least 10 to 15 times with their normal values
  • Livecoin was hacked between December 23 and December 24
  • Livecoin lost the control of their servers completely

Livecoin, a Russian cryptocurrency exchange has been hacked on 24 and 25 December 2020. The exchange has no control over its servers and has asked its customers to not use the services by Livecoin currently. 

Livecoin reported that the cybercriminals had tampered with the prices of cryptocurrency at least 10 to 15 times with their normal values. The hackers have been very active on the internet criminal activity since last week of December 2020. Earlier, last week the UK crypto exchange EXMO was hacked on the Christmas eve and now during the same week, Livecoin has also been hacked. It is ranked as 173rd on the internet with $16million daily transactions. 

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While alerting its customers, Livecoin has informed by posting the message on its website that the funds have been hacked on the crypto exchange. The attack has been made on the night between December 23 and December 24 2020.

In a statement by Livecoin, the exchange said that the cybercriminals have taken control of the infrastructure of the exchange and had tampered with the values of the cryptocurrency to unrealistic ones. They had modified the exchange rates to unimaginable levels, tumbling the exchange to a halt. This was reported by ZDNet. 

The exchange rates that were changed from regular pricing of $23,000 BTC to 450,000/BTC, Ether changed from $600/ETH to $15,000, Ripple price increased $0.27/ XRP to more than $17/XRP. 

This attack by the hackers has been planned very carefully and was prepared as Livecoin has been very active. The exchange has also lost the control of the backend, nodes and servers. This is the reason that Livecoin was able to hold the grip on the situation and stop the services in time

News channels were also compromised during the attack

Livecoin exchange is a number one cryptocurrency exchange. The exchange provides a simple interface for beginners along with enhanced features for experienced traders. Livecoin was set up by its holding company Delta E-Commerce from London in 2013. The servers were set up in the US. The exchange claims it to be the fourth largest altcoin exchange on the internet. Initially, Livecoin had offered bitcoin and litecoin trading services but now it offers nearly 85 different cryptocurrency pairs. 

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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