Friday, April 19, 2024

Livecoin has Announced Shutdown of Services after Being Hacked

Livecoin Exchange announces closure following an alleged breach in December. The trading platform declares it will close and repay users any remaining funds.

Livecoin servers were compromised last month, and the exchange lost control over its infrastructure. The attacker first modified the crypto exchange rates, inflating them to unrealistic figures.

The attack stands out because those behind the attack, set the exchange rate for bitcoin to $450,000, Ethereum to $15,000 compared to the normal $600. Then the hackers began cashing out accounts, generating profits in the process.

The exchange managed to gain some control of the hacked servers and modified the prices, but the attacker soon started cashing out user accounts with gigantic profits.

“Our service has been damaged hard technically and financially. There is no way to continue operative business in these conditions, so we take a hard decision to close the business and paying the remaining funds to clients.” the exchange noted.

A Planned Attack

The exchange admins highlighted that it was a “carefully planned attack” causing it to lose control of all of its servers.

The attack was planned when the price of Bitcoin started its dramatic upward rally after breaching the iconic $20,000 level. However, it is not clear if the doomed exchange will refund 100 percent of the user deposits or return them partially.

The exchange states that “Our service and team bear hard losses as well as our clients. In case of abuse and threats in conversation, the claim can be declined”.

Final Word

Livecoin declares it will accept claims for refunds until March 17, after which no new requests will be accepted.

The exchange warns about tons of fake groups in different messengers and other channels, where people represent themselves as team members, insiders, hackers, etc. Participating in these groups is high risk because we have no groups.

“Do not send money to anyone. You don’t have to pay to get back your funds from us, the only thing you need is to send a request and follow procedure,” concludes the Exchange.

You can follow us on LinkedinTwitterFacebook for daily Cybersecurity, and hacking news updates.

Also Read

Facebook ads Abused to Steal 615000+ Logins in Phishing Campaign

Facebook Takedown Infrastructure of Hacker Groups Targeting Various Government Entities

Website

Latest articles

Alert! Windows LPE Zero-day Exploit Advertised on Hacker Forums

A new zero-day Local Privilege Escalation (LPE) exploit has been put up for sale...

Palo Alto ZeroDay Exploited in The Wild Following PoC Release

Palo Alto Networks has disclosed a critical vulnerability within its PAN-OS operating system, identified...

FIN7 Hackers Attacking IT Employees Of Automotive Industry

IT employees in the automotive industry are often targeted by hackers because they have...

Russian APT44 – The Most Notorious Cyber Sabotage Group Globally

As Russia's invasion of Ukraine enters its third year, the formidable Sandworm (aka FROZENBARENTS,...

SoumniBot Exploiting Android Manifest Flaws to Evade Detection

A new banker, SoumniBot, has recently been identified. It targets Korean users and is...

LeSlipFrancais Data Breach: Customers’ Personal Information Exposed

LeSlipFrancais, the renowned French underwear brand, has confirmed a data breach impacting its customer...

Cisco Hypershield: AI-Powered Hyper-Distributed Security for Data Center

Cisco has unveiled its latest innovation, Cisco Hypershield, marking a milestone in cybersecurity.This groundbreaking...
Guru baran
Guru baranhttps://gbhackers.com
Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.

WAAP/WAF ROI Analysis

Mastering WAAP/WAF ROI Analysis

As the importance of compliance and safeguarding critical websites and APIs grows, Web Application and API Protection (WAAP) solutions play an integral role.
Key takeaways include:

  • Pricing models
  • Cost Estimation
  • ROI Calculation

Related Articles