Coins.ph Loses 12.2 Million XRP Tokens in Recent Exploit
Coins.ph, the largest cryptocurrency exchange in the Philippines, has reportedly lost approximately 12.2 million XRP tokens in a recent exploit. The tokens were stolen from Coins.ph and sent out through various platforms, including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW, and Fixed Float. Fortunately, WhiteBIT was able to block around 445,000 XRP tokens.
Investigation Underway
The exact details of the exploit are currently being investigated. WhiteBIT has reached out to security firms Cristal and Chainalysis to identify the addresses associated with the stolen tokens. However, at this time, further information about the incident is still missing.
Coins.ph: A Leading Crypto Exchange in the Philippines
Established in 2014, Coins.ph has become the top crypto exchange and wallet provider in the Philippines. Apart from trading cryptocurrencies, the platform also supports bill payments and money transfers for remittances—an important sector due to a significant number of Overseas Filipino Workers supporting their families.
Lucrative Market for Crypto
The Philippines represents a highly lucrative market for crypto and digital assets. According to data from the Philippine Central Bank, remittances account for 8.9% of the country’s GDP and 8.4% of its GNI, with an annualized volume of $36.1 billion. Stablecoins like USDC and efficient tokens like XRP are particularly attractive in this market.
Coins.ph Partnerships
Coins.ph currently has an average trading volume of $2.5 million in the last 24 hours. The exchange has recently partnered with Circle to promote USDC-pegged remittances as an alternative to traditional channels. Additionally, Coins.ph has partnered with UMA to provide a wallet address naming standard using Bitcoin Lightning protocols, the first integration of its kind in the country.
Importance of Information Security
Information security is crucial for any crypto exchange, especially in a country like the Philippines where there is immense potential for crypto adoption. Coins.ph has an opportunity to lead the Filipino public in understanding cryptocurrency and its benefits. Despite the alleged exploit, the exchange has not issued an official statement or press release. XRP is currently trading at $0.55 on major exchanges.
Hot Take: Coins.ph Faces Security Breach
Coins.ph, the leading cryptocurrency exchange in the Philippines, has suffered a security breach resulting in the loss of 12.2 million XRP tokens. The stolen tokens were sent through various platforms, but WhiteBIT managed to block a significant portion of them. Although investigations are ongoing, details about the exploit remain undisclosed.
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