The Russian crypto Livecoin exchange shuts down after the claims that it suffered a “carefully planned attack” but some in the community believe it was actually an exit scam so let’s try and find out in our latest crypto news today.
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.”
Litecoin 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.
RIP @livecoin_net apparently…prices x10 across the board as users scramble to a liquid coin that is still withdrawable. Not many of these last gen exchanges left anymore, for good reason pic.twitter.com/wrIyxEtJyJ
— Ben (@thebenp) December 24, 2020
The co-founder of YellowBlock which is a crypto educational website said that Bitcoin surpassed $320,000 per coin on the platform:
“Whatever is going on, I don’t recommend trying to make $ on this, very likely you will get your funds stuck.”
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.
At the time of publishing, Livecoin’s trading volumes are not available on other crypto tracking websites like CoinMarketCap or Coingecko and as of yesterday, the exchange was ranked 173 among crypto exchanges with a daily trading volume of $16 million. How will the exchange solve this issue, we will likely find out in the upcoming news here on DC Forecasts, so make sure to comeback!
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