Livecoin, a lesser-known Russian cryptocurrency alternate, has abruptly halted operations within the aftermath of an alleged hacker assault on Christmas day. In line with Livecoin’s main page, the alternate has suffered a “fastidiously deliberate assault” inflicting the platform to lose management of all of its servers, backend and nodes.

The alternate urged its prospects to cease utilizing its companies together with deposits, buying and selling and API. “We weren’t capable of cease our service in time. Our information channels have been compromised as properly. For the time being, we partially management frontend, and so we’re capable of place this announcement,” Livecoin’s predominant web page reads.

Livecoin stated that it’s working onerous to retrieve management of its servers, promising to supply a safety replace “within the subsequent few days.” The alternate additionally claimed that it’s cooperating with “native police authorities.”

In line with some reports, the incident occurred on the night time between Dec. 23 and Dec. 24. Hackers have apparently managed to take over Livecoin’s infrastructure and modify the costs on the alternate to abnormally excessive values.

A co-founder of YellowBlock, a crypto instructional web site, referred to as “Cryptorangutang” said that Bitcoin (BTC) exceeded $320,000 per coin on the platform on Dec. 24. “No matter is happening, I don’t advocate making an attempt to make $ on this, very probably you’re going to get your funds caught,” he wrote on Twitter.

In line with feedback of alternate customers on Livecoin’s unofficial Telegram group, the alternate shouldn’t be working on the time of publishing regardless of the alternate having briefly opened a login web page. Some Reddit customers additionally suggested that Livecoin’s “hack” might be a traditional exit rip-off.

Livecoin didn’t instantly reply to Cointelegraph’s request for remark. The alternate is seemingly not actively operating any official social media accounts on Twitter or Telegram.

On the time of publishing, Livecoin’s buying and selling volumes should not obtainable on main crypto monitoring web sites like CoinGecko and CoinMarketCap. As of Dec. 24, Livecoin was reportedly ranked 173 amongst crypto exchanges, with a each day buying and selling quantity of round $16 million.