Livecoin cryptocurrency exchange gets hacked over Christmas

Livecoin cryptocurrency exchange gets hacked over Christmas
December 28
08:00 2020

A Russian cryptocurrency exchange Livecoin stopped operating as a result of a hack. According to Cointelegraph.com, the exchange experienced a hack on Christmas day. As a result, the organization lost control of all servers, nodes, and backend to hackers. However, the company still partially controlled the frontend, which is how they notified the users.

The source writes that the company urged its clients to stop using the exchange’s services, including trading, API, and deposits. In the same announcement, the firm mentioned that all systems were compromised, including news relay channels. According to the source, the exchange already talked about starting cooperation with local police and is planning to update its security.

It seems that after taking over the exchange’s systems, hackers managed to modify prices of various cryptocurrencies to extremely high levels, with a report saying that the price of Bitcoin was as high as $320,000. The exchange halted its operations for the time being.

Livecoin is a cryptocurrency exchange on CoinMarketCap’s website. CoinMarketCaps’s Livecoin page currently features an announcement about the security breach and advises users not to deposit funds for the moment. Russian current stance on cryptocurrency is in confirming its value as property but not allowing to use it for payments.

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