Livecoin, a Russian crypto exchange claims to have suffered a „carefully planned attack,“ but some in the community suspect an exit scheme.
Livecoin, an exchange of Russian cryptomime, abruptly interrupted operations after an alleged hacker attack on Christmas Day. According to Livecoin’s homepage, the exchange suffered a „carefully planned attack“ causing the platform to lose control of all its servers, back-end and us.
The exchange urged its clients to stop using its services, including deposits, trading and API. „We were not able to stop our service in time. Our news channels were also compromised. At the moment, we partially control the front end and therefore we can place this ad,“ says ad on Livecoin main page.
Livecoin said it is working hard to regain control of its servers, promising to provide a security update „in the coming days“. The exchange also said it is cooperating with „local police authorities“.
According to some reports, the incident occurred in the night between December 23 and December 24. Hackers apparently managed to take over Livecoin’s infrastructure and modify exchange prices to abnormally high values.
A co-founder of YellowBlock, an educational website about cryptomorangutang, said Bitcoin (BTC) exceeded $320,000 per currency on the platform on December 24. „Whatever is happening, I don’t recommend trying to earn $ on this, most likely you will have your funds tied up,“ he wrote on Twitter.
According to comments from Exchange users in Livecoin’s unofficial Telegram group, the exchange is not operating at the time of publication, although it briefly opened a login page. Some Reddit users have also suggested that the Livecoin „hack“ could be a classic exit scam.
Livecoin did not immediately respond to the Cointelegraph’s comment request. The exchange is apparently not actively running any official social media accounts on Twitter or Telegram.
At the time of publication, Livecoin’s trading volumes are not available on major cryptotracking sites such as CoinGecko and CoinMarketCap. On December 24, Livecoin was ranked 173rd among the cryptotracking exchanges, with a daily trading volume of about $16 million.