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Bitcoin reaches $220,000 on Livecoin

Bitcoin reaches $220,000 on Livecoin; exit scam suspected

  • The Livecoin exchange suspended operations after the BTC price reached $222,000.
  • Livecoin claims to have been hacked by a known hacker.
  • Some members of the community suspect a sophisticated exit scam.

On 24 December 2020, Livecoin halted trading operations after Bitcoin reached $220,000. The exchange claims to have been hijacked, but some members of the community believe it was a coordinated exit scam. Some say that this is not the first time Livecoin has been hacked.

In the last two days, the price of Bitcoin has risen to $220,000 on the Livecoin exchange Bitcoin Blueprint platform. Parallel to this exaggerated rise in the BTC, the price of Ethereum has risen by 960% to $6,500.

Although Bitcoin’s Christmas price of $25,000 may have seemed incredible, Livecoin’s price seemed too good to be true. And it was. After this mega price hike, the platform stopped withdrawals.

However, users suspect that the platform is suffering from an exit scam, or even that it is the instigator of one

According to Forklog, this rise in prices was initially attributed to a technical difficulty. In an announcement on the home page, the team promised that the site would soon return to normal operation.

Frustrated users, however, conducted their own survey. Twitter user @yukio_staker noticed that funds, including 285 ETH, had been removed from Livecoin’s wallets. One of them, @yukio_staker, claims that it is a wallet used by hackers during the hacking of EXMO on Monday 21 December for around 16 million dollars.

Later, the AMLBot, which tracks the addresses of the ill-intentioned individuals, discovered that Livecoin’s BTCs were in the same wallet as those stolen during the EXMO exchange hack:

Today, the #Livecoin exchange has been hacked. Three days ago, the #EXMO exchange was hacked. It is interesting to note that the BTCs from both hacks arrived at the same address 1A4PXZE5j8v7UuapYckq6fSegmY5i8uUyq.

Livecoin changed its warning message to say that their exchange had been the victim of a „carefully planned“ attack for months. The company said that their back-end, servers and nodes had all been compromised.

They regained control of only part of the front end functionality, which allowed them to publish the warning message. This message asks users not to make transactions, not to deposit money and not to make deposits.

According to Forklog, 106 BTC, 361 ETH and 236 BCH had been stolen via the linked addresses.

That said, users sensed something fishy.