After Hackers’ Attack, Bitcoin Reached $450,000 on Affected Crypto Exchange Livecoin
With the growth of the crypto sector, hackers have also become more active. In the latest cyberattack, the hackers have gained control of servers of the Russia-based cryptocurrency exchange Livecoin.
Price Manipulation
As a result of the hacking attack, the price value of Bitcoin reached $450k in order to steal funds from the exchange’s users. The attackers manipulated the operations of the website and increased the price value of Bitcoin from $23,000 to $450,000, while Ethereum’s value surged from $600 to $15,000.The report said:
“The hackers tweaked the exchange rate for Bitcoin from the regular $23,000/BTC to more than $450,000/BTC, Ether grew from $600/ETH to $15,000, and XRP price increased from $0.27/XRP to more than $17/XRP.”
Livecoin has gained the 173rd position out of all cryptocurrency exchanges in terms of trading volume. In the daily trading session, the accumulated transactional volume of the company has reached a total of $16 million.
The staff of the exchange lost control over servers after the attack but notified users about it. The exchange asked customers not to use the platform as the team lost grip over it. “We lost control of all of our servers, backend, and nodes. Thus, we were not able to stop our service on time. Our news channels were compromised as well,” the Livecoin’s statement reads.
In the announcement, the company revealed that the backend was also under the control of hackers. Only the frontend was accessible to the staff of the trading site, which made it possible to warn users of potential “planned attack.”
However, it is not yet revealed whether the trading company lost its assets or not as a result of a massive hacking attack.
Exit Scam
On-chain analytics AMLBot found out that stolen Bitcoin funds went to the same wallet which was used by the hackers of EXMO. Just three days after EXMO’s hack, Livecoin became a victim of crypto hack.
Some users have even labeled it as an exit scam due to suspicious actions of the company. For instance, an unknown customer revealed that the exchange suspended facility for larger withdrawals one day before event. And it also terminated withdrawal service for small transactions before some hours of the incident. According to reports, Livecoin director Svetlana Geller terminated his Telegram account which makes it more suspicious.
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