During Christmas, when the entire world was getting ready to celebrate, the operators of one of Russia’s lesser-known crypto-exchange were busy fighting a hack. The Russian exchange known as ‘Livecoin’ announced to its entire crypto-community that it has halted its operations until further notice.
The exchange also revealed the reason why it has ceased all its operations. The exchange fell prey to a hack that was carried out on it by a hacker on the Christmas Day. The exchange revealed that the hack against its services was carried out after carefully analyzing the situation and was well-planned.
As a result of the hack, the platform incurred an enormous amount of damage to its services. It revealed that the exchange lost control over its nodes, servers, and backend.
Following the hack, the responsible team at the exchange launched a public statement and a request for its users. It requested the users to stop making any trades, API, and deposits through their platform. The exchange informed users that they were not able to shut down their services in time. The hacker even gained access to Livecoin’s news channels.
Livecoin confirmed that it is still trying to fight off the hack attempt but facing a really hard time. The exchange claimed that they had been able to gain partial control of the frontend. This is how Livecoin was able to make a hack announcement in the front place.
The Livecoin exchange officials confirmed that they are currently doing whatever is necessary to tackle the hack. They claimed that they are trying their best to take back control of their servers. The exchange informed that it will be able to provide an update on the exchange’s security in a few days.
It has been reported that Livecoin has also acquired the services of the local police to assist them in finding the hacker. The firm confirmed that the local police authorities are providing them with full cooperation with the investigation.
The latest findings made by Livecoin’s cyber-investigation team have revealed that the hack was attempted between December 23, 2020, and December 24, 2020. As a result, the hackers managed to gain access to Livecoin’s infrastructure and set the prices of the assets on the exchange to higher values.
One of the witnesses of the hack confirmed that the price of Bitcoin (BTC) had exceeded $320,000 per BTC on Livecoin exchange’s platform. The witness confirmed that this price was visible on Livecoin’s exchange throughout the day on December 24, 2020.
The witness of the price surge was one of the co-founders of YellowBlock, which is known as an educational website on cryptocurrencies. He also asked the entire Livecoin community not to get involved in this hack and end up investing in the current Bitcoin (BTC) prices. He advised that if people end up investing in Bitcoin (BTC) through Livecoin, they may end up losing their funds.