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After alleged hack, Russian crypto alternate Livecoin shuts down

01/18/2021

Russian cryptocurrency alternate Livecoin has introduced a full shutdown following an alleged hack in December 2020.

Russian cryptocurrency alternate Livecoin has introduced it’s shutting down after abruptly halting operations in late December 2020.

In line with Livecoin’s primary web page, the alternate is unable to proceed operations as a consequence of monetary and technical damages brought on by an alleged assault on its servers in late 2020. Livecoin introduced the shutdown on Jan. 16 on Twitter, linking to its new area “Livecoin.information.” Livecoin’s earlier area Livecoin.internet is just not obtainable at publishing time.

Livecoin mentioned that it’s seeking to “pay the remaining funds” to its purchasers, asking customers to contact the alternate through electronic mail to finish verification. With a view to provoke the process, Livecoin customers must ship their usernames and the registration date on the platform.

The alternate promised to offer detailed directions in a reply, noting that reimbursement claims will likely be accepted till March 17, 2021. “After this date no new requests will likely be accepted,” Livecoin mentioned. The alternate didn’t specify when Livecoin expects to repay its clients.

Livecoin additionally warned customers about unofficial Livecoin discussion groups which may be spreading false data and attempting to defraud customers. “Collaborating in these teams you run a excessive danger, as a result of we [do not have any] teams,” Livecoin wrote, claiming that its web site is the one supply of official data. The corporate additionally mentioned that there’s an ongoing investigation.

Livecoin didn’t instantly reply to Cointelegraph’s request for remark.

As beforehand reported, Livecoin halted operations on Dec. 24, claiming that the alternate suffered a “rigorously deliberate assault” inflicting it to lose management of all of its servers.

As a part of the incident, hackers managed to take over Livecoin’s infrastructure and modify the costs on the alternate to abnormally excessive values. As such, Livecoin reportedly traded Bitcoin (BTC) at above $300,000, whereas its market value amounted to round $24,000 on the time. Some customers subsequently prompt that Livecoin’s “hack” may very well be an exit rip-off.

Whereas Livecoin urges its customers to steer clear of media channels, its supposed purchasers are struggling to get their funds again utilizing Livecoin’s unofficial Telegram group. Some reported customers speculated that Livecoin’s newest announcement may have been made by hackers, whereas others filed complaints with native enforcement proceedings.

Some customers have refused to ship their private information to Livecoin over privateness issues. One alleged alternate consumer offered a listing of information supposedly required by Livecoin’s reimbursement process together with passport scans, residence data, high-resolution selfies, information concerning the first transaction on the alternate, gadgets used on the platform, in addition to a video of a withdrawal of the primary incoming transaction.