Attacker gained control of Livecoin's backend servers and nodes via compromised credentials. Once in control, hackers manipulated exchange rates to absurd levels (Bitcoin to $450K, ETH to $15K) and drained multiple assets from hot wallets. The exchange shut down permanently and never recovered.

According to sources, the Russian cryptocurrency exchange Livecoin previously stated that it was attacked and lost control of its server. Later, Livecoin announced its closure on Twitter and provided a link to its new domain name "Livecoin.news".