Philippine-based cryptocurrency exchange Coins.ph has reportedly suffered a loss of over 12 million XRP tokens, valued at around $6.4 million. The incident, allegedly a result of a hack, has sent shockwaves through the cryptocurrency community.
The Block’s Investigation According to a report by The Block, blockchain intelligence platform XRP Scan detected a breach in Coins.ph’s security, leading to the unauthorized transfer of around 12.2 million XRP tokens.
The alleged hacker executed a series of transactions, swiftly moving the stolen digital assets to several different cryptocurrency exchanges.
These included platforms like OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW, and Fixed Float. The Block’s investigation highlighted that the process was executed in just half an hour, leaving little time for intervention.
Quick Action by WhiteBIT Upon noticing the suspicious XRP transactions, the cryptocurrency exchange WhiteBIT took immediate action to prevent further damage.
The exchange was able to halt the transfer of 445,000 stolen XRP tokens. WhiteBIT also proactively reached out to prominent blockchain analysis firms, Cristal and Chainalysis, to provide them with information about the addresses linked to the stolen tokens. These firms specialize in tracking cryptocurrency transactions and addressing security breaches.
Coins.ph swiftly responded to inquiries on its official Facebook page. The exchange sought to reassure its customers, emphasizing that their funds and assets remain secure. Furthermore, Coins.ph affirmed that access to all services is fully operational.
Coins.ph’s Significance Coins.ph, known for its extensive user base in the Philippines, claims to serve more than 16 million customers.
The platform was granted an Advanced Electronic Payment and Financial Services (EPFS) license by the Bangko Sentral ng Pilipinas in December 2022.
This endorsement by the Philippines’ central bank underscored the exchange’s position as a trusted player in the local cryptocurrency ecosystem.
Ava Patel's expertise lies in creating engaging and informative content about the latest trends and opportunities in the crypto space. Her writing is known for its clarity, accuracy, and ability to convey complex concepts in a way that is accessible to both novice and advanced readers.
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