Livecoin suffered a loss of 1.8 mil worth of Monero a few months ago.
https://latesthackingnews.com/2018/08/05/monero-wallet-vulnerability-loss-of-1-8-million-to-livecoin-crypto-exchange/
https://www.reddit.com/r/monerosupport/comments/braxxp/livecoinnet_xmr_wallet_offline/
Livecoin Crypto Exchange Suffered Loss Of XMR
According to a recent report, Livecoin crypto exchange suffered a significant loss. The exchange claimed it lost 15108 XMR worth $1.8 million. The exchange noted some inappropriate transactions on July 20, 2018, after which they confirmed the loss.
Livecoin expresses its dismay that Monero developers did not inform them about the risks or the need to limit Monero transactions. Now, they have halted XMR transactions for an indefinite time, probably until further negotiations between the exchange and Monero developers.
20.05.2019 17:35Support (assistant):
Hello
A vulnerability have been detected in this asset software. In course of negotiations, the developers refused to take responsibility for their software, that is why deposit and withdrawal of this coin have been suspended. If you have difficulties with this asset, or you have questions about the time when it will be enabled again, please, address the developer, because it depends entirely on the developer.
Monero has been on maintenance for months, and no news when they will bring back online the wallet, also other coins that are forks of Monero are on maintenance, like SFT and SFX.
It seems that all Monero forks coin got attacked on Livecoin, my advice is to get rid of all the Monero and Monero forks you hold on livecoin, sell them for BTC and withdraw from there as soon as possible.
Topic: Livecoin.net Scam - page 8. (Read 13656 times)
Livecoin seems that was hacked, a large number of coins are on maintenance, XMR, SFT, etc.
They seem they are in trouble, be aware if you are holding a coin that is on maintenance they will probably do the same that they did with MONA, so better to stay away
Thank you for the information... but I don't know why but this exchange is really often in maintenance mode from what I've observed. So are you sure it's not just a random usual maintenance? They seem they are in trouble, be aware if you are holding a coin that is on maintenance they will probably do the same that they did with MONA, so better to stay away
Livecoin seems that was hacked, a large number of coins are on maintenance, XMR, SFT, etc.
They seem they are in trouble, be aware if you are holding a coin that is on maintenance they will probably do the same that they did with MONA, so better to stay away
They seem they are in trouble, be aware if you are holding a coin that is on maintenance they will probably do the same that they did with MONA, so better to stay away
Delisting Mona's coin has ended, now they have all stolen! I did not sell them my coins at a price 5 times lower than the market. I am sure that after 51% of the attack they did not have a loss of mona coins, because it is almost impossible, they are lying.
Money was stolen from me, an exchange of scammers!
Money was stolen from me, an exchange of scammers!
They didn't lose your money or steal anything from you.
LOLYes, they did not steal, they just kept my BTC for a month without a reason! And now they tell me that they do not have the rest of my coins
You should have done a better job monitoring your investment while it sat on an exchange for a year.
It does not give them the right to lose my money or steal!I do not need to specify how I should manage my money I will decide it myself!
They didn't lose your money or steal anything from you. You bought the MONA after their withdrawals were halted. Stop being so dramatic and blaming everybody but yourself
Well, it is a tricky question
If the MONA withdrawals had been disabled for good, why did they not halt the trades immediately and delist the coin soon thereafter? You see, people might have been buying this coin with "legit" currencies, obviously in hopes of selling it higher. Technically, that would turn the coin into an exchange MONA token (or whatever), and I'm okay with that as long as they kept trading it and made it known that people were in fact trading a token, not the real coin. But why then delist it all of a sudden? It simply makes no sense
So if we look at it from this angle, it appears as if the exchange did take the money from traders (more like stole it), and still more so from those traders who had deliberately or inadvertently been buying the exchange token instead of the original coin, provided no deposits were allowed either (which seems to be the case here). I think Livecoin should have made it clear to everyone, and now they wouldn't have to bother delisting it. In simple terms, they continue to make new mistakes on their past mistakes
cointelegraph.com is a poor source, you can do better.
The cointelegraph.com is a poor quality site, that is a tabloid crypto newspaper, that I don't want to read news on it since the latter half of 2018. News spread on cointelegraph mostly suitable for fudsters. Crypto newbies should avoid that site, if they want to get pure, high-quality news, and don't want to get traps by shit news spread on Cointelegraph.com. I sent a message to the tech support, and they told me to talk about this problem with the developer. “Great”, was my first thought. They claim that coins were stolen from them during the attack on the blockchain, but how is that possible? They are saying that fake coins were deposited on their exchange, and real coins were withdrawn. Maybe that is possible, but this is bullshit, what kind of moron would do that? Let’s assume that I'm the person that attacks this exchange. I bought a large amount of hashing power to have an advantage in making a decision about which blocks would be included in the chain. I deny some kind of transaction and redirect it to the Livecoin (creating false chain), and then I'm moving these coins to my address. However, I need the real network to add this transaction into the block. In this case there is a risk that it will reject all the false chains that I have created previously with the withdrawals from the exchange. Therefore, no one will do that, everything that is ever been deposited will be sold for btc or any other high - profile asset and withdrawn later. This means, that the exchange should have the coins, but doesn’t want to give them away or they do not have the coins, but not because they were stolen.
I completely agree!
You should have done a better job monitoring your investment while it sat on an exchange for a year.
It does not give them the right to lose my money or steal!I do not need to specify how I should manage my money I will decide it myself!
Well, isn't Ironic that they tried to hide behind terms and conditions that they themselfs do not adhere to.
https://www.reddit.com/r/Monero/comments/bv0427/livecoinnet_may_have_actually_tried_to_breach_the/
TLDR: They tried to make Monero Devs pay for a wallet hack and withheld their users Monero over the hack when it was their fault for not keeping their wallet updated.
I'll keep my vote on SCAM Exchange.
https://www.reddit.com/r/Monero/comments/bv0427/livecoinnet_may_have_actually_tried_to_breach_the/
TLDR: They tried to make Monero Devs pay for a wallet hack and withheld their users Monero over the hack when it was their fault for not keeping their wallet updated.
I'll keep my vote on SCAM Exchange.
The wallet bugs weren't fixed until after the attack. Livecoin was using the most up-to-date wallet at the time.
https://cointelegraph.com/news/monero-reports-on-resolving-fake-xmr-minting-bugs-a-month-after-fix
Besides, the MIT license only pertains to Monero being able to absolve themselves of legal wrongdoing. No legal claims were ever filed against Monero by Livecoin, as far as I know.
When someone broke in to your house and stole your TV and you yell to them “I will call the police!”, do you consider it a threat?
Judging by the reasoning of the livecoin representative, this should be considered a threat
Judging by the reasoning of the livecoin representative, this should be considered a threat
Your analogies suck. First you were claiming that buying a shitcoin that couldn't be withdrawn was the same as being out of gas in the middle of the desert. Now you're claiming that not being able to withdraw the shitcoin is the same thing as a robbery... You're being overly dramatic about a situation that was at least in part your fault. You should have done a better job monitoring your investment while it sat on an exchange for a year.
cointelegraph.com is a poor source, you can do better.
At the moment, izooomrud account is fully unblocked. He can withdraw or sell his funds. Concerning the situation with MONA, we posted news with detailed explanations following this link - https://www.livecoin.net/en/news/view/261
We are unable to bear more responsibility for an asset, than its developer. It is stated in the User agreement, which a user either accepts at signing up, or doesn't use our Service at all. The fact, that izooomrud used our Service, suggests that he agreed to this clause, saying the following:
I don't think this allows you to simply not allow withdrawals for over a year. We are unable to bear more responsibility for an asset, than its developer. It is stated in the User agreement, which a user either accepts at signing up, or doesn't use our Service at all. The fact, that izooomrud used our Service, suggests that he agreed to this clause, saying the following:
Quote
The Service does not bear responsibility for losses incurred by vulnerability or any kind of failure of software (nodes, wallets) used by the third parties, or glitch in the software (nodes, wallets), provided by the third parties, as well as failure of blockchains or any other technical problems specific of Cryptocurrencies traded at the Platform. The Service is not liable for damages due to late report from cryptocurrency developers or representatives (or no report at all) of any issues with cryptocurrency including all sorts of forks, node technical issues or any other issues potentially resulting in fund losses.
It might be understandable if you halted trading and socialized losses immidiately after you realized you had suffered losses due to a double spend attack, and most importantly, made your customers aware of the losses. Instead, you allowed the coin to continue trading for over a year, and allowed customers to pay money for MONA (and pay trading fees for doing so), but not receive MONA in their account balance.
Anyone who purchased MONA after you suffered losses due to the double spend would have a valid claim against you, even after considering the clause you cited.
Three days ago i decided to step out of Mona Coins with more than 50% of los. After logging into my account on the exchange, I saw a message about delisting and that I need to withdraw my coins and withdrawal function doesn’t work! Moreover, the price of coins in the exchange is below market price by more than four times!
I sent a message to the tech support, and they told me to talk about this problem with the developer. “Great”, was my first thought. They claim that coins were stolen from them during the attack on the blockchain, but how is that possible? They are saying that fake coins were deposited on their exchange, and real coins were withdrawn. Maybe that is possible, but this is bullshit, what kind of moron would do that? Let’s assume that I'm the person that attacks this exchange. I bought a large amount of hashing power to have an advantage in making a decision about which blocks would be included in the chain. I deny some kind of transaction and redirect it to the Livecoin (creating false chain), and then I'm moving these coins to my address. However, I need the real network to add this transaction into the block. In this case there is a risk that it will reject all the false chains that I have created previously with the withdrawals from the exchange. Therefore, no one will do that, everything that is ever been deposited will be sold for btc or any other high - profile asset and withdrawn later. This means, that the exchange should have the coins, but doesn’t want to give them away or they do not have the coins, but not because they were stolen.
I totally agree that the exchange is fully responsible for their users’ money and should be solely responsible to have a good security system in place. I do not consider statements that it’s the “developers fault” to be fair, because there was no network hacking, as the exchange claimed. There was a fraud, based on the specifics of its operations. According to the news, the total losses were $90000, and there is no information abut losses of the livecoin exchange. Let’s assume that $90000 is worth 8.57btc at this time. This amount is not high enough for the exchange to try and dump their fault on someone else.
So, why you’ve been selling “air” for over a year, if you knew that user’s coins were stolen? The turnover of this coin was 40btc in June, and you made 0.04btc. In the whole year you've made between 0.5 - 1 btc. It's if we were to believe that the coins were really stolen from you. What if you took advantage of this situation and bought coins from your users cheap, and then sold them on bittrex to cover up another issue you’ve had? I hope it s not true.
Please withdraw my coins or compensate me for their purchase price!
I sent a message to the tech support, and they told me to talk about this problem with the developer. “Great”, was my first thought. They claim that coins were stolen from them during the attack on the blockchain, but how is that possible? They are saying that fake coins were deposited on their exchange, and real coins were withdrawn. Maybe that is possible, but this is bullshit, what kind of moron would do that? Let’s assume that I'm the person that attacks this exchange. I bought a large amount of hashing power to have an advantage in making a decision about which blocks would be included in the chain. I deny some kind of transaction and redirect it to the Livecoin (creating false chain), and then I'm moving these coins to my address. However, I need the real network to add this transaction into the block. In this case there is a risk that it will reject all the false chains that I have created previously with the withdrawals from the exchange. Therefore, no one will do that, everything that is ever been deposited will be sold for btc or any other high - profile asset and withdrawn later. This means, that the exchange should have the coins, but doesn’t want to give them away or they do not have the coins, but not because they were stolen.
I totally agree that the exchange is fully responsible for their users’ money and should be solely responsible to have a good security system in place. I do not consider statements that it’s the “developers fault” to be fair, because there was no network hacking, as the exchange claimed. There was a fraud, based on the specifics of its operations. According to the news, the total losses were $90000, and there is no information abut losses of the livecoin exchange. Let’s assume that $90000 is worth 8.57btc at this time. This amount is not high enough for the exchange to try and dump their fault on someone else.
So, why you’ve been selling “air” for over a year, if you knew that user’s coins were stolen? The turnover of this coin was 40btc in June, and you made 0.04btc. In the whole year you've made between 0.5 - 1 btc. It's if we were to believe that the coins were really stolen from you. What if you took advantage of this situation and bought coins from your users cheap, and then sold them on bittrex to cover up another issue you’ve had? I hope it s not true.
Please withdraw my coins or compensate me for their purchase price!
Well, isn't Ironic that they tried to hide behind terms and conditions that they themselfs do not adhere to.
https://www.reddit.com/r/Monero/comments/bv0427/livecoinnet_may_have_actually_tried_to_breach_the/
TLDR: They tried to make Monero Devs pay for a wallet hack and withheld their users Monero over the hack when it was their fault for not keeping their wallet updated.
I'll keep my vote on SCAM Exchange.
https://www.reddit.com/r/Monero/comments/bv0427/livecoinnet_may_have_actually_tried_to_breach_the/
TLDR: They tried to make Monero Devs pay for a wallet hack and withheld their users Monero over the hack when it was their fault for not keeping their wallet updated.
I'll keep my vote on SCAM Exchange.
The wallet bugs weren't fixed until after the attack. Livecoin was using the most up-to-date wallet at the time.
https://cointelegraph.com/news/monero-reports-on-resolving-fake-xmr-minting-bugs-a-month-after-fix
Besides, the MIT license only pertains to Monero being able to absolve themselves of legal wrongdoing. No legal claims were ever filed against Monero by Livecoin, as far as I know.
When someone broke in to your house and stole your TV and you yell to them “I will call the police!”, do you consider it a threat?
Judging by the reasoning of the livecoin representative, this should be considered a threat
Judging by the reasoning of the livecoin representative, this should be considered a threat
Your analogies suck. First you were claiming that buying a shitcoin that couldn't be withdrawn was the same as being out of gas in the middle of the desert. Now you're claiming that not being able to withdraw the shitcoin is the same thing as a robbery... You're being overly dramatic about a situation that was at least in part your fault. You should have done a better job monitoring your investment while it sat on an exchange for a year.
When someone broke in to your house and stole your TV and you yell to them “I will call the police!”, do you consider it a threat?
Judging by the reasoning of the livecoin representative, this should be considered a threat
Judging by the reasoning of the livecoin representative, this should be considered a threat
Besides alleged theft accusations, this user also made threats against us.
Some neckbeard which you probably have KYC information about or IP Address at the very least made threats from behind his monitor towards an exchange that nobody can pinpoint with a CEO that nobody knows anything about. Tell me how scared and threatened you were? Translation:
And in fact there is no such item that prohibits me to lie about the stock exchange.
dumbass you need to read what I said about it again
BINGO! The reason for blocking my account determined to be “spread of falsified information”. OK, let’s assume that the information posted by me was falsified. Then explain to me, which exact section of the user agreement prohibits me from do doing so?! If there is no such section exist, then why the hell my account was blocked?! It turns out that the reason might have been you felt offended, because you were trying to hide something. Well, here is my final answer.
Why should I delete all my posts, if I haven't lied about anything? Moreover, everything I said is supported by the evidence! So, let's assume that I'm lying (which of course is not true), then based on which section of the rules I am not allowed to do so?! And if there is no such section, then why the hell they blocked my account?!
Well, isn't Ironic that they tried to hide behind terms and conditions that they themselfs do not adhere to.
https://www.reddit.com/r/Monero/comments/bv0427/livecoinnet_may_have_actually_tried_to_breach_the/
TLDR: They tried to make Monero Devs pay for a wallet hack and withheld their users Monero over the hack when it was their fault for not keeping their wallet updated.
I'll keep my vote on SCAM Exchange.
https://www.reddit.com/r/Monero/comments/bv0427/livecoinnet_may_have_actually_tried_to_breach_the/
TLDR: They tried to make Monero Devs pay for a wallet hack and withheld their users Monero over the hack when it was their fault for not keeping their wallet updated.
I'll keep my vote on SCAM Exchange.
At the moment, izooomrud account is fully unblocked. He can withdraw or sell his funds.
Looks a great initiative to end the drama, or at least help things cool down.One more thing: I think you should claim that a new signature campaign run by @Livecoin Manager (just assume it is a new one from Livecoin) is an official campaign from Livecoin. There is drama that it is run by scammers, whom are not from Livecoin team. I don't think Livecoin exchange need another drama.
It'll add another problem in their menu just so they didn't come ahead and tell us about it. I was skeptical about being a member of their new campaign (was accepted but deleted my application after knowing that they've got the real reds from many users here) and ofc, no confirmation about the campaign from Livecoin's Officials. If it ends like that 'where there's a one week shout by the participants who didn't leave yet and they don't get paid a damn Satoshi out of it', their efforts to save livecoin 'just because they believe they are going to make some big fat amounts' will go waters. Let's see if that 'Livecoin Manager' sums it up to paying them for real or these guys are going to kill their chances of getting accepted in future campaigns of many managers for their behavior.
And a coin you offer on the exchange has this in their license (monero)
Quote
IN NO EVENT SHALL THE COPYRIGHT HOLDER OR CONTRIBUTORS BE LIABLE FOR ANY DIRECT, INDIRECT [...] DAMAGES (INCLUDING, BUT NOT LIMITED TO, [...] LOSS OF USE, DATA, OR PROFITS [...]) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY [...] INCLUDING NEGLIGENCE OR OTHERWISE [...] ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE
MONA also uses the same MIT license.
@izooomrud: please confirm that your account is "fully unblocked" and your funds are "free"
I have already talked about this before
I withdrew all the funds that I were available, however there is an issue with Mona coins. Currently, 720 Mona coins remain on my account balance. Several solutions of this issue were offered by me to the exchange, right now I am waiting for an answer.
At the moment, izooomrud account is fully unblocked. He can withdraw or sell his funds.
Looks a great initiative to end the drama, or at least help things cool down.One more thing: I think you should claim that a new signature campaign run by @Livecoin Manager (just assume it is a new one from Livecoin) is an official campaign from Livecoin. There is drama that it is run by scammers, whom are not from Livecoin team. I don't think Livecoin exchange need another drama.
Indeed it does, a good thing, LiveCoin acted as they would have been expected to (earlier), but hey, it´s never to late.
Anyway, in order to re-gain trust I strongly recommend to not play any of these games with customers in future.
@izooomrud: please confirm that your account is "fully unblocked" and your funds are "free"
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