Hackers have managed to change the price of Bitcoin (BTC) and several cryptos on the Livecoin exchange.
The price of Bitcoin and XRP reached $450,000 and $17 respectively.
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Hackers have succeeded in changing the price of Bitcoin (BTC) and several encrypted currencies on the Livecoin exchange.
Bitcoin at $450,000
The Russian exchange Livecoin was attacked on Bitcoin System Christmas Eve. The attackers managed to change the price of several cryptocurrencies and Bitcoin in order to make quick profits.
The hacking took place during the night of 23rd to 24th December. The platform stated on its website that the service had been the subject of a „carefully planned attack“ which, according to the platform, could have been prepared for several months.
During the hacking, the company lost control of all its servers, back-ends and social networks. Customers were quickly asked to stop depositing funds and to stop trading.
Typically, the hacking of an exchange involves the theft of encryptions from a wallet. ZDNet reported that the attackers 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 make large profits.
Livecoin is a relatively small exchange. Before it was hacked, the site was ranked as the 173rd largest cryptocurrency exchange platform in the world in terms of volume. Exchanges averaged $50 million per day.