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Livecoin Exchange Announces Closure After December Hack

The trading platform now says it will close and repay users any remaining funds.

Updated Sep 14, 2021, 10:57 a.m. Published Jan 18, 2021, 12:54 p.m.

Cryptocurrency exchange Livecoin announced Saturday it will shut down after a claimed attack on the platform last month.

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The Russia-based exchange said in a website notice on an alternative domain that it had made a “hard decision to close the business” and will be refunding any remaining funds to users.
No amount for losses arising from the breach was disclosed. The firm said: "Our service and team bear hard losses as well as our clients."
Livecoin said it will accept claims for refunds until March 17, after which no new requests will be accepted.
Users will need to email the exchange and pass verification procedures before they can be awarded refunds, the post said.
In December, Livecoin claimed to have suffered what it called a “carefully planned attack in which it had “lost control" of its servers, backend and nodes.

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Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.