The Russian Livecoin crypto exchange was compromised and lost control of its server

A message was posted on its official Christmas Eve website by the Russian cryptocurrency exchange Livecoin, alleging that it was compromised and lost control of some servers, and warned clients to avoid using its services. The assault seemed to occur on the night between December 23 and December 24, according to statements on social media. The hacker claims to have taken charge of the infrastructure of Livecoin, then proceeds to adjust the exchange rate to an immense and unsustainable amount.

The Bitcoin exchange rate had swelled from the traditional 23,000 USD/BTC to more than 450,000 USD/BTC on the evening of December 24, until the Livecoin administrator managed to reclaim access to certain systems, and the Ethereum soared from 600 USD/ETH to 1.5 ten thousand US dollars, with Ripple’s price rising from $0.27/XRP to over $17/XRP.

The enigmatic intruder began cashing out the account after the exchange rate was adjusted, making large income.

Livecoin administrators described the incident in a message posted on its website as “a well-planned attack, which, as we assume, has been prepared in the past few months”

“We lost control of all servers, backends and nodes. Therefore, we were unable to stop the service in time. Our news channel was also affected.” said the firm.

We are now running the front desk partially, so that we can place this announcement,”Currently, we partly control the front desk, so we can place this announcement,” Livecoin now encourages consumers, via other apps such as website APIs and smartphone devices, to avoid depositing and carrying out purchases.

Any users assume that the whole hacking event is actually self-directed and self-acted by the insider, like in other cryptocurrency hacks. Livecoin said they had contacted local law enforcement authorities.