Crypto hacks and scams are a dangerous menace that should be curbed using all means necessary in the crypto market. If it is not addressed on time, investments and investors in the crypto market will desert the crypto ecosystem. While most exchanges pride themselves as a full security assured platform, others have not been so lucky when it comes to hack attacks.
One of such is a crypto exchange that was hacked around December 2020. A digital asset platform based in Russia made the news late last year after it announced that malicious actors gained illegal entry into its platform, warning its customers to be careful.
The exchange says the attack was carefully planned
In a new update released by the digital asset exchange, Livecoin, it has announced that it would henceforth hit the brakes when it comes to offering crypto services to its customers.
Furthermore, the digital exchange assured its users and customers that every one of their pennies in the platform would be duly returned to them when the time for that comes. In their statement, the crypto exchange said that the hack that took place in December greatly affected all their finances as their technicals also suffered some burns.
With the degree of destruction that they have had to endure on the back of the attack, the firm will not be able to carry out exchange service on the platform anymore. The attack on Livecoin in December saw the hackers inflate the price of Bitcoin to about $450,000 per coin when the digital asset was selling around $20,000.
While the exchange has promised to return funds belonging to customers, some of their customers have started to reach out to the digital asset on the microblogging platform Twitter to ask for ways that they would be able to get their funds.
Funds reclamation deadline is March 17
According to the crypto exchange, its security protocol was deceived in what would be considered an attack that was carefully planned. This attack saw several of their servers fall into the hands of the malicious actors, who in turn began to use it to their advantage.
Even though the exchange claimed that it warned its users when it noticed the activities, it was late as the criminals already stole many funds from the exchange.
According to Livecoin, the hackers made away with Bitcoin, which was worth around 106, while the total Ethereum stolen from them was 380. The hackers were not done with the exchange as they still moved a total of 236 Bitcoin Cash, 567,012 XRP, and 66.8 million Doge.
The exchange also mentioned that they lost huge amounts of USDT and Ethereum tied tokens but have still not been able to figure out the total stolen by the hackers. The exchange has also said that traders and investors will be allowed to apply for a refund of their respective funds, with March 17 the official deadline for funds collection.
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