Thursday, March 28, 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

2 Chrome Zero-Days Exploited at Pwn2Own 2024: Patch Now

Google has announced a crucial update to its Chrome browser, addressing several vulnerabilities, including...

The Moon Malware Hacked 6,000 ASUS Routers in 72hours to Use for Proxy

Black Lotus Labs discovered a multi-year campaign by TheMoon malware targeting vulnerable routers and...

Hackers Actively Exploiting Ray AI Framework Flaw to Hack Thousands of Servers

A critical vulnerability in Ray, an open-source AI framework that is widely utilized across...

Chinese Hackers Attacking Southeast Asian Nations With Malware Packages

Cybersecurity researchers at Unit 42 have uncovered a sophisticated cyberespionage campaign orchestrated by two...

CISA Warns of Hackers Exploiting Microsoft SharePoint Server Vulnerability

Cybersecurity and Infrastructure Security Agency (CISA) has warned about a critical vulnerability in Microsoft...

Microsoft Expands Edge Bounty Program to Include WebView2!

Microsoft announced that Microsoft Edge WebView2 eligibility and specific out-of-scope information are now included...

Beware of Free Android VPN Apps that Turn Your Device into Proxies

Cybersecurity experts have uncovered a cluster of Android VPN applications that covertly transform user...
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.

Mitigating Vulnerability Types & 0-day Threats

Mitigating Vulnerability & 0-day Threats

Alert Fatigue that helps no one as security teams need to triage 100s of vulnerabilities.

  • The problem of vulnerability fatigue today
  • Difference between CVSS-specific vulnerability vs risk-based vulnerability
  • Evaluating vulnerabilities based on the business impact/risk
  • Automation to reduce alert fatigue and enhance security posture significantly

Related Articles