According to data obtained from blockchain analytics platform XRP Scan, an unidentified hacker managed to steal the funds by transferring the tokens from Coins.ph to various other cryptocurrency exchanges, including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW, and Fixed Float.
Within a mere 30-minute period following the initial transfer, 445,000 of the pilfered XRP tokens were sent to the cryptocurrency exchange WhiteBIT. However, WhiteBIT acted swiftly upon detecting the criminal origins of the transferred funds and successfully blocked their further movement.
In an attempt to identify and flag the digital wallet addresses responsible for the hack, WhiteBIT reached out to reputable blockchain analysis firms such as Crystal and Chainalysis, as confirmed by a spokesperson from the exchange in a statement to The Block.
With a user base exceeding 16 million individuals, Coins.ph stands as one of the largest cryptocurrency exchanges in the Philippines. The exchange was granted an advanced electronic payment license by the country’s central bank, the Bangko Sentral ng Pilipinas, in December 2022.
In response to concerned inquiries from customers via its Facebook page, Coins.ph assured that all funds and assets remained secure and that its services were functioning normally. However, the company refrained from directly addressing or confirming the reported hack.
The timing of this security breach is particularly challenging for the cryptocurrency industry, which has witnessed a surge in major hacking incidents and thefts in recent months amidst declining market values. Nevertheless, Coins.ph has not yet revealed the full extent of the impact or disclosed the specific means by which the stolen XRP tokens were accessed.
#Philippines, #CoinsPH #CryptocurrencyExchanges #Hacking #XRP
