Livecoin, a lesser-known Russian cryptocurrency exchange, has abruptly shut down operations in the wake of an alleged Christmas Day hacker attack. According to Livecoin’s main pagethe plant underwent a “carefully planned attack” that caused the platform to lose control of all its servers, backend and nodes.

The exchange urged its clients to stop using its services including deposits, trading and API. “We have not been able to stop our shift in time. Our news channels were also compromised. At the moment we are partially managing the frontend, so we can post this announcement, ” the main Livecoin page reads.

Livecoin said it is working hard to regain control of its servers and promises to deliver a security update “in the coming days.” The exchange also claimed it is working with “local law enforcement authorities.”

According to some reportsthe incident took place on the night between December 23 and December 24. Hackers have apparently managed to take over Livecoin’s infrastructure and change the prices on the exchange to abnormally high values.

Co-founder of YellowBlock, an educational crypto website known as “Cryptorangutang” said that Bitcoin (BTC) more than $ 320,000 per coin on the platform on December 24. “Whatever happens, I don’t recommend making $ here, you are very likely to get stuck,” he wrote on Twitter.

According to exchange users’ comments on Livecoin’s unofficial Telegram group, the exchange is not active at the time of publication, despite the exchange being short opened a login page. Some Reddit users too suggested that Livecoin’s “hack” could be a classic exit scam.

Livecoin did not immediately respond to Cointelegraph’s request for comment. The exchange apparently does not actively manage official social media accounts on Twitter or Telegram.

At the time of publication, Livecoin’s trading volumes are not available on major crypto tracking websites such as CoinGecko and CoinMarketCap. As of December 24, Livecoin was reported to be arranged 173 among crypto exchanges, with a daily trading volume of approximately $ 16 million.





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