Livecoin, a cryptocurrency exchange from Russia has decided to close itself after a hack took place in its servers in December of 2020. The company previously mentioned that they would also be refunding their customers back. In a January 16 announcement, the firm stated that its service had been damaged beyond repair. And there was no proper way to conduct business in such conditions. Therefore the only way to deal with it would be to shut the business down while paying the clients back.
How Did The Hack Take Place Against Livecoin?
According to news reports, this hack took place in December of 2020- when Bitcoin was cashing in at a level higher than $20,000. On the 23rd of December, the market cap of Bitcoin went past $23,000- which also saw Livecoin prices going beyond $450,000. This is precisely when this Russian cryptocurrency exchange came under massive attacks.
The day before Christma saw the exchange fall victim to an attack that has been said to be carefully planned. They also lost quite a few of their services- which is when they asked their clients to stop using the services. According to records, the hackers cashed in with 106 BTC, 236 BCH, 380 ETH, 567,012 XRP, and DOGE around 66.8 million. The hackers converted the funds of Ethereum to DAI- which was made possible on Uniswap- the decentralized exchange. The other cryptocurrency made its way to KuCoin- another crypto exchange.
The company has announced that the customers would be able to claim their funds back till the 17th of March. Also, they put forward several warnings against the fraudulent activity that could be going on messengers channels. They further stated that the hackers would pose as Livecoin members to get control over their customers’ accounts.
