Coins.ph Crypto Exchange Reportedly Loses $6 Million in XRP Tokens
The Philippines-based crypto exchange Coins.ph is believed to have been targeted in an exploit that resulted in the loss of over 12 million XRP tokens, equivalent to $6 million. According to XRP scan, a blockchain explorer, a hacker managed to exchange 999,999.999 XRP lots thirteen times and an additional lot of 200,000 XRP within approximately 30 minutes.
Hacker’s Actions and Coin Movements
Although one transaction did not go through, the hacker acquired nearly 12.2 million XRP tokens. Subsequently, the stolen coins were sent to various destinations including OKX crypto exchange, WhiteBIT European crypto-to-fiat exchange, OrbitBridge cross-blockchain exchange, SimpleSwap crypto exchange, ChangeNOW and Fixed Float non-custodial exchanges.
BitGo’s Involvement with Coins.ph
It seems that BitGo, a California-based crypto custody firm, activated Coins.ph’s wallet. However, both BitGo and Coins.ph have yet to respond to requests for comment regarding the incident.
Hot Take: Security Breach Highlights Vulnerability of Crypto Exchanges
This recent security breach at Coins.ph serves as a reminder of the vulnerability of crypto exchanges. Despite advancements in security measures, hackers continue to find ways to exploit weaknesses in these platforms. It is crucial for exchanges and custodial services to prioritize robust security protocols and remain vigilant against potential threats. As a user, it is important to exercise caution and implement additional security measures such as two-factor authentication and cold storage solutions to safeguard your digital assets.
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