Livecoin, a small cryptocurrency exchange has been hacked and all of its funds have been stolen. The exchange has posted a warning on its website asking users not to deposit funds, or trade on it. API users have also been asked to stop placing bets.
Livecoin.net says they are under a carefully planned attack and right now, they are in no control of their servers and nodes, which means funds are not in their hands.
After doing some assessment of Livecoin hack, we tracked the cryptocurrency addresses where the funds have been moved to by hackers.
Some claim that Livecoin was a shady cryptocurrency exchange and they have hacked themselves. So is this an inside job? You decide.
One user has informed us that withdrawals of all large marketcap cryptocurrencies were disabled one day before the hack and withdrawals of rest of cryptocurrencies were disabled few hours before this exchange hack. Also, deposits of all coins were still being taken in and credited but nobody was allowed to withdraw.
In other words, Livecoin did have full control over database, website and nodes even when the hack was taking place.
He is the Associate Editor and lives in New York. He eats charts for breakfast.