Livecoin exchange goes offline after Bitcoin price reportedly exceeds $320K

CoinTelegraph

Livecoin, a lesser-known Russian cryptocurrency exchange, has abruptly halted operations in the aftermath of an alleged hacker attack on Christmas day. According to Livecoin’s main page, the exchange has suffered a “carefully planned attack” causing the platform to lose control of all of its servers, backend and nodes.

The exchange urged its customers to stop using its services including deposits, trading and API. “We were not able to stop our service in time. Our news channels were compromised as well. At the moment, we partially control frontend, and so we’re able to place this announcement,” Livecoin’s main page reads.

How To Get Free Crypto  

Livecoin said that it’s working hard to retrieve control of its servers, promising to provide a security update “in the next few days.” The exchange also claimed that it is cooperating with “local police authorities.”

According to some reports, the incident took place on the night between Dec. 23 and Dec. 24. Hackers have apparently managed to take over Livecoin’s infrastructure and modify the prices on the exchange to abnormally high values.

A co-founder of YellowBlock, a crypto educational website, known as “Cryptorangutang” said that Bitcoin (BTC) exceeded $320,000 per coin on the platform on Dec. 24. “Whatever is going on, I don’t recommend trying to make $ on this, very likely you will get your funds stuck,” he wrote on Twitter.

According to comments of exchange users on Livecoin’s unofficial Telegram group, the exchange is not operating at the time of publishing despite the exchange having briefly opened a login page. Some Reddit users also suggested that Livecoin’s “hack” could be a classic exit scam.

Coinbase Banner  

Livecoin did not immediately respond to Cointelegraph’s request for comment. The exchange is apparently not actively running any official social media accounts on Twitter or Telegram.

At the time of publishing, Livecoin’s trading volumes are not available on major crypto tracking websites like CoinGecko and CoinMarketCap. As of Dec. 24, Livecoin was reportedly ranked 173 among crypto exchanges, with a daily trading volume of around $16 million.

Go to Source
Author: Helen Partz


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.