March 8, 2021

Livecoin Exchange Announced Closure

Livecoin Exchange Announced Closure

Russian cryptocurrency exchange Livecoin has officially announced it will close after a major hack late last year.

At users have until March 17 to claim a refund. Several clients have already submitted reimbursement requests, but in response they were asked to provide confidential information.

Users need to provide information abouttheir first deposits, scanned copies of ID-cards and proof of residence address, selfie with ID-card and a sheet of paper with Livecoin registration date, the most commonly used device for entering the exchange and confirmation of the source of funds.

Livecoin Exchange Announced Closure

Some are wary of the latterthe announcement, saying that the only proof that is controlled by an exchange is the previously mentioned Twitter post. They advise other Livecoin customers not to rush and send their documents to unknown persons.

In turn, users demand from the platform proof of ownership and detailed information about what actually happened to the exchange.

The alleged attack on the exchange occurred at the endDecember 2020. On December 23, when the largest cryptocurrency by market cap traded at $ 23,000, its Livecoin price soared to an unprecedented $ 400,000. After that, the site was closed and announced a hacker attack.

According to the exchange, hackers stole 106 BTC, 380 ETH,236 BCH, 567,012 XRP, 66.8 million DOGE, as well as small amounts in USDT and ERC-20 tokens. Funds related to Ethereum were converted into DAI on the Uniswap decentralized exchange, and some of the remaining coins were sent to the KuCoin cryptocurrency exchange.

Livecoin has been in operation since April 2015, with around $ 16 million in daily transactions prior to the December events.

The real names of the exchange owners remain a mystery.

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