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According to analysts of The Block, the Philippine cryptocurrency exchange Coins.ph it was subjected to a hacker attack that resulted in the loss of more than $6 million in XRP coins.
According to The Block, within about 30 minutes, the hacker exchanged 999,999,999 lots of XRP 13 times, and he also sent another lot of 200,000 XRP. However, it seems that one of the transactions failed.
After receiving almost 12.2 million XRP tokens ($6 million), the hacker sent coins through OKX crypto exchange, WhiteBit European crypto-fiat exchange, OrbitBridge cross-chain exchange, SimpleSwap crypto exchange, as well as two non-custodial exchanges ChangeNOW and Fixed Float.
The WhiteBit platform said that as soon as it received information about the hack, it "reacted quickly" and blocked 445,000 XRP. In addition, WhiteBit asked Cristal and Chainalysis to mark the addresses associated with the stolen cryptocurrencies.
According to Immunefi, for the third quarter of 2023, the number of hacks and scams in the crypto industry increased by 153% ― from 30 incidents in the same period in 2022 to 76 in 2023. The company's specialists report that hackers and fraudsters have stolen $1.39 billion since the beginning of the year, while $685 million was stolen in the third quarter.
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Two Russians were accused of insider hacking of the exchange Coins.ph by $5.8 million
The Philippine Justice Department has filed charges against Vladimir Avdeev and Sergey Yashchuk for stealing about 340 million PHP (~$5.8 million) in XRP tokens from a local crypto exchange. Coins.ph.
Two Russian citizens were consultants for a platform managed by BETUR. According to the investigation, they used their knowledge of the internal network infrastructure and security protocols of the exchange's online platform to gain access to funds.
In Coins.ph they confirmed that the hacking could only have been carried out by insiders.
The incident occurred in October, 2023 and was one of the largest in terms of damage in the industry for this month.
Avdeev and Yashchuk withdrew 12.2 million XRP for a total amount of 340.745 million PHP.
The Block experts who studied the hack determined that within 30 minutes, the suspects sent 13 lots of 1 million XRP, as well as a batch of 200,000 XRP. Some of the transactions went through for some reason.
Further funds were transferred to OKX, WhiteBit, SimpleSwap, OrbitBridge cross-chain protocol, DEX ChangeNOW and Fixed Float exchanges, as well as to a number of other platforms.
WhiteBit on request Coins.ph blocked at least 445,000 tokens.
For violations of the provisions of the Law on the Prevention of Cybercrime 2021, prosecutors charged Avdeev with 23 counts, and Yashchuk — with three. A deposit of 120,000 PHP (~$2,055) is set for each position.
According to CoinGecko, the volume of trading on the Philippine exchange in the last 24 hours was about $9 million. The most liquid pair on the platform is USDT / PHP.
• Source: https://www.pna.gov.ph/articles/1228602
According to The Block, within about 30 minutes, the hacker exchanged 999,999,999 lots of XRP 13 times, and he also sent another lot of 200,000 XRP. However, it seems that one of the transactions failed.
After receiving almost 12.2 million XRP tokens ($6 million), the hacker sent coins through OKX crypto exchange, WhiteBit European crypto-fiat exchange, OrbitBridge cross-chain exchange, SimpleSwap crypto exchange, as well as two non-custodial exchanges ChangeNOW and Fixed Float.
The WhiteBit platform said that as soon as it received information about the hack, it "reacted quickly" and blocked 445,000 XRP. In addition, WhiteBit asked Cristal and Chainalysis to mark the addresses associated with the stolen cryptocurrencies.
According to Immunefi, for the third quarter of 2023, the number of hacks and scams in the crypto industry increased by 153% ― from 30 incidents in the same period in 2022 to 76 in 2023. The company's specialists report that hackers and fraudsters have stolen $1.39 billion since the beginning of the year, while $685 million was stolen in the third quarter.
----
Two Russians were accused of insider hacking of the exchange Coins.ph by $5.8 million
The Philippine Justice Department has filed charges against Vladimir Avdeev and Sergey Yashchuk for stealing about 340 million PHP (~$5.8 million) in XRP tokens from a local crypto exchange. Coins.ph.
Two Russian citizens were consultants for a platform managed by BETUR. According to the investigation, they used their knowledge of the internal network infrastructure and security protocols of the exchange's online platform to gain access to funds.
In Coins.ph they confirmed that the hacking could only have been carried out by insiders.
The incident occurred in October, 2023 and was one of the largest in terms of damage in the industry for this month.
Avdeev and Yashchuk withdrew 12.2 million XRP for a total amount of 340.745 million PHP.
The Block experts who studied the hack determined that within 30 minutes, the suspects sent 13 lots of 1 million XRP, as well as a batch of 200,000 XRP. Some of the transactions went through for some reason.
Further funds were transferred to OKX, WhiteBit, SimpleSwap, OrbitBridge cross-chain protocol, DEX ChangeNOW and Fixed Float exchanges, as well as to a number of other platforms.
WhiteBit on request Coins.ph blocked at least 445,000 tokens.
For violations of the provisions of the Law on the Prevention of Cybercrime 2021, prosecutors charged Avdeev with 23 counts, and Yashchuk — with three. A deposit of 120,000 PHP (~$2,055) is set for each position.
According to CoinGecko, the volume of trading on the Philippine exchange in the last 24 hours was about $9 million. The most liquid pair on the platform is USDT / PHP.
• Source: https://www.pna.gov.ph/articles/1228602
