Bitcoin

Livecoin exchange stopped working after Bitcoin price exceeded $ 320,000 on the platform due to a hack

Livecoin, a lesser-known Russian cryptocurrency exchange, abruptly shut down after a suspected hacker attack on Christmas Day. According to the Livecoin homepage, the exchange suffered a “carefully planned attack” that resulted in the platform losing control of all servers, the backend and the nodes.

The exchange asked its customers to stop using its services, including making deposits, trading and APIs. “We could not stop our service in time. Our news channels were also compromised. At the moment we are partially controlling the front end so that we can make this announcement,” says the Livecoin homepage.

Livecoin said it was working hard to regain control of its servers and promised to roll out a security update “in the next few days”. The exchange also claimed that it was working with “local law enforcement agencies”.

Livecoin exchange stopped working after Bitcoin price exceeded $ 320,000 on the platform due to a hack
Livecoin exchange stopped working after Bitcoin price exceeded $ 320,000 on the platform due to a hack

According to some reports The incident occurred on the night of December 23rd to 24th. Apparently, Hackers have managed to take over the Livecoin infrastructure and push prices on the stock exchange to unusually high values.

Co-founder of YellowBlock, an educational cryptocurrency website known as “Cryptorangutang ” said Bitcoin (BTC) exceeded $ 320,000 per coin on the platform on December 24th. “Whatever is going on, I don’t recommend making any money with it, most likely the funds will get stuck,” he wrote on Twitter.

According to user feedback from Livecoin unofficial Telegram group The exchange was interrupted at the time of going to press, although the exchange briefly opened a login page. Some Reddit users suggested this as well The Livecoin “hack” could be a classic exit fraud.

Livecoin did not immediately respond to Cointelegraph’s request for comment. Apparently, the exchange doesn’t have an official social media account on Twitter or Telegram.

At the time of going to press, Livecoin trading volumes are not available on major cryptocurrency tracking websites such as CoinGecko and CoinMarketCap. On December 24th, Livecoin ranked 173rd among the crypto exchanges with a daily trading volume of around 16 million US dollars.

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