Cryptocurrency exchange Livecoin hacked after losing control of its servers
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Answer Cryptocurrency exchange Livecoin hacked after losing control of its servers
published The Russian cryptocurrency exchange Livecoin sent a message on its official website claiming that it had been hacked and lost control of some of its servers, warning customers to stop using its services.
According to social media posts, the attack appears to have taken place between December 23 and December 24.
It appears that the hackers have taken control of the infrastructure of the “Livecoin” platform and proceeded to adjust the trading prices to huge and unrealistic values.
Before Livecoin moderators were able to regain access to some of their systems during the last hours of December 24, Bitcoin swelled from $23,000 to over $450,000, Ethereum manipulated from $600 to $15,000, and Ripple rose from $0.27 to over 17 dollars.
Read:Here’s Who Caused Bitcoin to Fall Below $22,000!
⚠️ # bitcoin ⚠️ Reached $200,000 on Livecoin. Russian oligarchs know something we don’t. pic.twitter.com/hIthQuK0J1
– 🌴 🏃♀️ 🕳 (ceo_run) December 24, 2020
Once the trading prices were adjusted, the unknown attackers began to cash in on their possessions, and make huge profits.
Officials of the “Livecoin” platform described the incident by saying:
It is a carefully planned attack, which has been prepared, we suppose, over the past few months.
The company added:
We lost control of all our servers.
Hence, we were unable to stop our service in time.
Our news channels have also been hacked.
At the moment, we are partially in control of the front end, so we can publish this ad.
Livecoin has now urged users to stop depositing funds and transacting through other interfaces such as the site’s API and mobile apps.
As happens with most cryptocurrency exchange hacks, many users see that the entire hack was an inside job.
Read:After Ripple … the “Flare Networks” project is preparing for free distribution of a new “airdrop” for LTC holders
Livecoin said they have notified local law enforcement authorities.
According to CoinMarketCap, Livecoin is ranked 173rd for online cryptocurrency, with nearly $16 million in daily transactions.
The platform has been active since March 2014.
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