TL;DR Breakdown
- LiveCoin says it is going to be suspending all transactions on the platform.
- The crypto exchange has asked its users to reclaim their funds within two months.
Livecoin, a Russian Crypto exchange that was recently hacked, has made it known that it was going to stop all transactions on its platform. The crypto firm has requested that its users start making requests to withdraw their funds.
When the exchange was hacked, it lost control over all of its infrastructures, and since then, it has been unable to regain it. At first, the hacker changed the rates of assets on the crypto exchange to unrealistic prices.
December 23, when significant crypto assets like Bitcoin and Ethereum were trading for $23,000 and $600, it was selling for over $400,000 and $10,000 on LiveCoin.
The crypto exchange announced the hack on the eve of Christmas and said they had regained some control of the hacked servers. However, the attacker soon began to cashout big profits from their users’ accounts. The total amount of damage done by the hacker remains unknown.
The statement attributed to LiveCoin claimed that the hacker’s damage had hit their business hard both financially and technically. The firm also noted it would be impossible for it to continue its services under these conditions.
LiveCoin gives users two months ultimatum
LiveCoin has given a two-month ultimatum for users to reclaim their funds. The firm advised their users to avoid fraudulent claims that may ask them to make certain payments before getting their refunds.
The crypto firm explicitly stated that users “don’t have to pay to get back your funds.” The firm also said that the attack was carefully planned for a period that would have lasted for some months.
The attack happened right before the crypto industry went into its bull run that saw the price of Bitcoin reach the $40k mark.
