Hackers have successfully changed the price of Bitcoin (BTC) and several cryptocurrencies on the Livecoin exchange.
The price of Bitcoin and XRP reached $ 450,000 and $ 17 respectively.
Hackers have reportedly succeeded in changing the price of Bitcoin (BTC) and several cryptocurrencies on the Livecoin exchange.
Bitcoin at $ 450,000
Russian exchange Livecoin was the victim of an attack on Christmas Eve. The attackers managed to change the price of several cryptocurrencies and Bitcoin with the aim of making quick profits.
The hack took place on the night of December 23-24. The platform said on its site that the service had been the subject of a „carefully planned attack“ which it said could have been prepared for several months.
During the hack, the company lost control of all of its servers, back-ends and social media. Customers were promptly told to stop depositing funds and stop trading .
Generally, hacking an exchange involves the theft of cryptocurrencies in a wallet
ZDNet reported that the perpetrators of the attack changed the exchange rate for BTC to $ 450,000, ETH to $ 15,000, and XRP to $ 17. After changing the exchange rates, the hackers began to take large profits.
Livecoin is a relatively small exchange. Before being hacked, the site was ranked as the 173rd cryptocurrency exchange in the world by volume. Exchanges averaging $ 50 million per day.
Update: As BeInCrypto previously reported, some Twitter users have also suspected an exit scam from the platform, although the situation is still unclear