Coins.ph loses $6M Worth of XRP in the Latest Cyber Heist
In a startling development in cryptocurrency, the Philippines-based exchange Coins.ph has fallen victim to a daring security breach, resulting in the loss of more than 12 million XRP tokens, equivalent to a staggering $6 million. This incident unfolded on October 17, 2023, leaving the exchange and the crypto community in shock and intrigue.
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The breach occurred when a hacker exploited the exchange’s security system vulnerabilities. In a whirlwind 30-minute spree, the perpetrator conducted a series of transactions, exchanging 999,999.999 XRP lots a remarkable 13 times while also processing an additional batch of 200,000 XRP. The cunning thief amassed 12.2 million XRP tokens during this audacious attack.
Interestingly, one of the multiple transactions did not proceed as intended. Nevertheless, the cybercriminal’s haul was already substantial.
The Trail of Ill-Gotten Gains
The hacker set their sights on various exchanges and destinations to cover their tracks and attempt to cash out their ill-gotten gains. These included well-known names in the cryptocurrency ecosystem, such as OKX, WhiteBIT, SimpleSwap, OrbitBridge, Fixed Float, and ChangeNOW. The thief was attempting to launder the stolen assets through these platforms.
WhiteBIT, upon receiving a request from Coins.ph, acted swiftly and blocked a significant portion of the pilfered XRP, specifically 445,000 Ripple tokens. A spokesperson for WhiteBIT confirmed, “WhiteBIT, as soon as it received a request from the Philippines-based exchange Coins, promptly reacted and blocked 445,000 Ripple.” Moreover, WhiteBIT has taken proactive measures by contacting blockchain forensics firms Cristal and Chainalysis, requesting flagging addresses associated with the stolen cryptocurrencies.
Coins.ph: Silence Amidst Turmoil
Coins.ph, the primary victim of this breach, has yet to issue any formal statement regarding the incident. Despite the gravity of the situation, the exchange has opted for silence, leaving the crypto community to speculate about its response and the measures taken to fortify its security in the future.
Surprisingly, Coins.ph has continued its operations despite the security breach without noticeable disruptions. This move has raised eyebrows within the cryptocurrency community, prompting questions about the exchange’s readiness to tackle such cyber threats and its commitment to safeguarding its users’ assets.
As the cryptocurrency landscape evolves, incidents like these serve as stark reminders of the vulnerabilities that persist within the industry. The security of digital assets remains a paramount concern, and exchanges must remain vigilant to protect their users and the integrity of the crypto market.
While Coins.ph navigates the aftermath of this breach, the crypto community watches closely, hoping for transparency, resilience, and improved security measures from the exchange. Only time will reveal whether Coins.ph can recover from this unsettling experience and emerge as a stronger player in the dynamic world of digital currencies.
