- LiveCoin exchange losses control of its platform due to hack
- Kucoin has suffered a similar hack earlier in the year
One of the biggest challenges that every crypto exchange form faces is the fear of a hack. While many of them are currently bringing out new measures that protect them and their users against such hacks, some crypto exchanges still struggle to better protect themselves.
One of such exchanges is the LiveCoin exchange domiciled in Russia that recently announced that its site has been hacked and it has lost control over its services.
According to a report from Business Insider, the cybercriminals manipulated the LiveCoin exchange orderbook. They were able to change the rates of assets to over 10-15 times of what those assets were actually worth.
Presently, the amount lost to these hackers remain unknown but it is expected to be substantial as LiveCoin usually has close to $16 million in its daily trading volume.
The exchange has gone on to advise its users to take all necessary precautions which could be for them to temporarily stop trading on the exchange pending when they gain control of the exchange again. Failure to stop trading on the platform might result in the users falling victim to the criminals.
LiveCoin Exchange hack follows long list of Exchange hacks
This year, the number of hacks that crypto firms have suffered has been quite high.
Decentralized Finance (DeFi) projects had $100 million stolen from it by hackers. According to Ciphertrace, this alone accounts for 50% of total thefts and hacks in the second period of this year.
Major crypto exchange firm, Kucoin suffered one of the most massive hacks in recent while when close to $300 million was hacked off its site. The firm had reported that it noticed a large withdrawal of funds from Bitcoin and Ethereum tokens into an unknown wallet.
The Kucoin attack had created some shockwaves in the crypto industry which led to the crypto exchange firms tightening the noose around their security.