Livecoin urges the users to stop trading on the platform as the exchange lost all control over their servers in what seems to be a well-planned hack as we reported earlier in thh previous crypto news.
The Russian exchange said in a web post that it lost control of all servers and nodes in the hack so now Livecoin urges users to not to trade on the platform or to interact with the exchange in any way:
“We were not able to stop our service in time.”
It was not clear whether the clients’ funds were affected in the breach but CoinGecko charts indicate that Livecoin handles about $50 million in daily trading volume but in the past 24 hours the volume climbed to $805 million.
Livecoin is actually a less-known Russian crypto exchange and it decided to halt all operations in the aftermath of the alleged attack on Christmas day. According to the Livecoin main page, the exchange suffered a carefully planned attack which caused the platform to lose control of the servers, nodes, and backend. The exchange urged the customers to stop using all services including trading, API, and deposits:
“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 said that it is working hard to retrieve all control of the servers promising to provide a security update in the next few days and claimed that they contacted local police authorities as well. According to some reports, the incident happened a day ago as hackers managed to take over Livecoin’s infrastructure and modify the prices on the exchanges to high values.
According to the comments of the exchange users on Livecoin’s unofficial Telegram group, the exchange didn’t operate at the time of publishing despite the exchange had opened a login page. Some users suggested that the hack of the exchange could be an exit scam. Livecoin didn’t respond immediately to questions but they are not actively running official social media accounts on Telegram and Twitter.
Crypto hacks skyrocketed this year with many of them causing mayhem for crypto exchanges but also for the users and their number seems to be increasing still, with Livecoin being the last blow.
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