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Livecoin Exchange Announced Closure

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Livecoin Exchange

Livecoin Exchange Announced Closure

Livecoin exchange announced its closure (following a hack at the end of December 2020) on January 16 on Twitter with a link to its new domain livecoin.news. The previous domain, livecoin.net, is not available at the time of publication.

The exchange said it could not continue to operate due to financial and technical damage and promised to “pay the remaining funds” to its clients. To initiate a refund procedure, Livecoin users must provide a name and registration date on the platform. 

The collection of applications for payments will take place until March 17, 2021. The exchange did not specify the timing of the refund.

Carefully, scam!

Livecoin also warned users about unofficial Livecoin group chats that could spread false information and try to trick users. They stressed that they only publish official information on the Livecoin.news website.

Livecoin Exchange

Some users have suggested that the Livecoin “hack” is actually an exit scam. Also, some users admit that the latest Livecoin announcement could have been made by the hackers themselves. Users on Twitter were wary of this message and suggest that exchange clients do not rush to send personal data:

Also, users reported that the email address specified in the Livecoin message is not available. Users have already started submitting refund requests. In response, the exchange requested the following documents:

Livecoin Exchange History

Livecoin Exchange History

Livecoin has been operating since April 2015. According to available information, until 2018, the exchange was registered to DELTA E-COMMERCE LTD. Said Yusipov was listed as a director of the company in the register of companies in Great Britain. On July 4, 2019, Livecoin was re-registered to RED Velvet Investments LTD from Belize. At the moment, the registration period for the latter has expired. The owners of Livecoin are unknown. The names of the executive director of the company – Svetlana Geller and the CEO – Ivona Zlatova are flashing on the Internet. There are no details about these people, perhaps they are fictional.

On December 24, the price of bitcoin on the Livecoin exchange rose to 300 thousand dollars. At the same time, withdrawal of funds from the platform became unavailable, and director Svetlana Geller deleted her Telegram account. Users assumed that the founders of the platform performed an exit scam.

Soon, a message appeared on the main page of the site that a “thoroughly planned attack” had been made on the exchange, and the administration had completely lost control over the servers, backend, and nodes. Unidentified persons stole 106 BTC, 380 ETH, 236 BCH, 567,012 XRP, 66.8 million DOGE, as well as unnamed amounts in ERC-20 and USDT tokens. All funds stolen from Ethereum were transferred by hackers to the DAI stablecoin through the Uniswap contract. All of the stolen XRP coins ended up on the KuCoin exchange. 

Later, unknown persons left a message on the website of the recently hacked Livecoin exchange demanding a ransom in bitcoins.

The Livecoin exchange ceased operations on December 24. As a result of a “carefully planned attack”, the exchange team lost control of their servers. Hackers managed to take over the infrastructure of Livecoin and raise prices on the exchange to abnormally high values – at that time, Bitcoin on Livecoin was trading above $ 300,000 with a market price of about $ 24,000.

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