Livecoin slams its doors shut after failing to recover from hack, financial loss
The Russian cryptocurrency exchange company Livecoin has announced that it is shutting down permanently due to a cyberattack in which cybercriminals took control of Livecoin systems. The cyberattackers were aiming to tamper with exchange values. Exchange rates for currencies such as Bitcoin were changed by thousands of USD.
Livecoin requested that users halt all activity, and the threat actors capitalized on this request and began cashing out. Livecoin was unable to stop the attack from occurring after losing control of its servers, backend, nodes. Livecoin is now closing its doors permanently, less than a month after the attack, citing technical and financial damage.