Crypto Exchange Livecoin gets hacked, closes operations

Russian Livecoin closes system post hack
  • Russian cryptocurrency exchange Livecoin got hacked and it shifted the media channels to a different portal temporarily 
  • The hacked crypto exchange, Livecoin then announced that it is going to shut its operations. Meanwhile, it has asked its customers to go ahead with fund withdrawals
  • The exchange stated that the attack has damaged their services technically as well as financially

Recently, Russian cryptocurrency exchange Livecoin recently got hacked. It suddenly lost complete control over its servers. Hence, it temporarily shifted media channels to a new portal: 

Livecoin requests fund withdrawals

The hacked crypto exchange, Livecoin declared that it is going to shut its operations. It further requested its customers to go ahead with fund withdrawals.

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The servers of Livecoin were compromised last month. Moreover, the exchange lost command over its infrastructure. The hacker first altered the rates of the crypto exchange. He inflated them to impractical figures.

Meanwhile, Bitcoin was trading at $23,000 on December 23. Its prices eventually inflated on the Russian exchange over $450,000. Besides, Ether was trading at $15,000 which was a far-fetched value from the normal of $600.

Livecoin confirmed the hack on Christmas Eve

Though the industry trackers had indicated the anomaly, Livecoin made an official announcement revealing the hack on Christmas eve.

Initially, the crypto exchange managed to attain some control over the hacked servers and regulated the prices. But soon after that, the attacker began to cash out user accounts with enormous profits. The total amount of the damage that occurred is a mystery yet.

The exchange claimed that their services have been harmed technically as well as financially. It would be difficult for the company to function in such conditions. Hence, they had no choice but to shut down the business. This decision also involved the decision of paying the pending funds to clients.

The users of Livecoin now have two months to claim their refund. The exchange has henceforth warned the users against such frauds trying to benefit from the respective situation. They clarified that the users don’t have anything to receive their funds back.

Despite the losses incurred by the Russian exchange, the market players have responded to the attack with a very different outlook. They see the attack as the ideal exit strategy in the bull market. However, there is no proof to back these allegations.

It will be interesting to see how the exchange deals with its final exit. It is noted that there exists no clarity that whether the users will be provided with a 100% refund or just a partial percentage of the total.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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