Hackers target Livecoin; Change cryptocurrency exchange rates

Hackers target Livecoin; Change cryptocurrency exchange rates

Amidst rising attempts of cyberattacks and cybercrimes, another incidence that highlights these burgeoning cases is Livecoin’s recent hack which enabled hackers to tamper the rates of cryptocurrencies operated on the service to generate quick profits.

As per official reports, Russian cryptocurrency exchange firm- Livecoin announced that its network had been hacked by unknown cybercriminals over the speculated night of December 23rd to 24th. The company posted on its site that the service was exposed to a carefully planned cyberattack which might have been orchestrated over the last few months.

It has been claimed that in the hack, the exchange firm lost control over almost all its servers, nodes, and back ends along with new channels-social media accounts. Upon realization, the company asked all of its clients to stop using the service, including trading, not depositing funds, or using the site’s API for time being till the issues gets resolved.

It would be essential to note that generally, a hack of a cryptocurrency exchange includes the theft of cryptocurrencies from a wallet, but for the company, this process became quite strange as the hackers changed the exchange rates offered on cryptocurrencies.

According to reliable reports, the attackers set the exchange rate for BTC to USD 450,000, XRP to USD 17, and Ethereum to USD 15,000. This allowed the attackers to begin crashing out accounts, claiming huge profits in the process.

The hacks of cryptocurrency exchanges have potentially dropped off somewhat over the past few years as companies have gotten their cybersecurity quite intact. That said, hacking being still prevalent and bitcoins surging to record highs, hackers are irrefutably paying immense attention to the segment to earn huge profits.

One of the recent cryptocurrency hacks comprised the theft of about USD 150 million from Singapore based KuCoin, followed by a hack of USD 10 million in cryptocurrency from EXMO Exchange in September and early December respectively.

Source Credit: https://siliconangle.com/2020/12/27/hackers-target-livecoin-change-cryptocurrency-exchange-prices/