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Cryptocurrency trading platform Livecoin claims it was hacked after the crypto community noticed the price of bitcoin skyrocketed to half a million dollars. Meanwhile, users are complaining that they cannot withdraw their funds as they suspect the exchange of an exit scam.

$ 500K per Bitcoin on Livecoin Exchange

Russian cryptocurrency exchange Livecoin claims it suffered a security breach over Christmas after the crypto community saw the price of bitcoin and other cryptocurrencies on the exchange rise exponentially above their market prices.

Bitcoin reportedly traded for around $ 500,000 while ETH exceeded $ 15,000, and XRP surged above $ 17. At other exchanges, BTC is currently trading around $ 24,813, ETH for $ 630, and XRP for $ 0.31.

Bitcoin Hits $ 500K On Russian Crypto Exchange After Hackers Take Control - Users Cry Exit Scam
The Bitcoin price chart in USD on the Livecoin exchange shows $ 500k per bitcoin.

Meanwhile, a number of users on social media are complaining that their deposits were not credited to their accounts and that they were unable to withdraw their money from the exchange. This has led many to suspect an exit scam.

Livecoin then posted a message on its website on Christmas Eve asking customers to stop using its services. “Don’t deposit, trade, use API,” the message reads, adding:

We are under a carefully planned attack, which we assume has been prepared in recent months. We lost control of all our servers, backend and nodes.

Bitcoin Hits $ 500K On Russian Crypto Exchange After Hackers Take Control - Users Cry Exit Scam
The message on the Livecoin exchange.

The communication continues: “We could not stop our shift in time… We are working with the local police. We are really doing our best to resolve this issue. “

Do you think Livecoin is exit scamming? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Livecoin

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