Livecoin to shut operations post-attack

Livecoin to shutdown
  • Attackers had set the exchange rate for bitcoin to $450,000, Ethereum to $15,000 and XRP to $17 respectively
  • The company has also asked for identification information, address verification, a selfie with the open passport of ID Card
  • Also proof of device used by the account holders when logging the Livecoin accounts, the origin of funds and video verification

Livecoin to shutdown

Livecoin will close its operations soon. The company mentioned this in a statement issued to the account holders. They can withdraw their amount only after providing identification and other parameters set by the company. 

During the attack, the hackers had changed the rate of the cryptocurrencies traded on the service to earn quick profits. The company had lost control over its servers, backends, nodes and social accounts.

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Despite taking several steps to manage the dying business and come out of the losses, the company did not survive the hack and now had to shut its operations. The company had also changed its domain name to revive the business, but its efforts were all in vain. 

It was indeed a hard decision for the company. The attack on Livecoin was one of its kind because the attackers had set the exchange rate for bitcoin to $450,000, Ethereum to $15,000, XRP to $17 respectively. Later the hackers cash in on the accounts, generating profits in the process.

However, several questions come to mind as the hackers inflated the rates and how they managed to transfer the funds was the real question. Did the hackers withdraw or transfer the amount to the other cryptocurrency? If they withdrew the cash, what would have been the path taken, and how did they manage to obtain those amounts?

Hackers target Livecoin 

Although Livecoin managed to control the situation and tried to control the hacked servers and modified prices, the hackers still managed to get cash from the user accounts with big profits. However, the stolen amount is still not known.

In a company’s written statement, they informed that they had damaged the services technically and financially. Hence, in these difficult situations, it is impossible to continue the business and therefore the decision of shut. Livecoin is trying to pay the remaining funds to the clients. 

The company has asked the account holders to share the information about their first deposit to withdraw the accounts’ funds. It has also asked for identification information, address verification and a selfie with the open passport of ID Card.

The prices of Bitcoin and other cryptocurrencies are volatile and are changing rapidly. Thus Livecoin has decided to close the business as it became too difficult to handle. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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