Plato Data Intelligence.
Vertical Search & Ai.

Coins.ph Suspected of Losing $6 Million Worth of XRP in a Hack, Exploit

Date:

Locally-licensed cryptocurrency exchange Coins.ph appears to have been exploited last Tuesday, leading to a loss of around 12 million XRP (valued at $6 million or ₱340.5 Million). This is according to a report from The Block. The exchange undergone maintenance last Monday.

A Coins.ph representative has responded to a concern about the news over its Telegram channel:

“We would like to assure you that your funds and assets are safe and access to all services are available.”

Coins representative at its Telegram channel.

BitPinas has reached out to Coins.ph and to security firm Chainalysis which was also mentioned in The Block article.

Key Information:

Here are all the information based on The Block article.

  • The exploit occurred within a 30-minute timeframe, where an alleged hacker traded nearly 13 million XRP in multiple transactions, as per data from blockchain explorer XRP scan.
  • One of these transactions, however, appears to have been rejected or didn’t go through.
  • After acquiring roughly 12.2 million XRP tokens, the hacker transferred these tokens to various exchanges including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW, and Fixed Float, among others.
  • When alerted, WhiteBIT acted swiftly to block 445,000 of the stolen XRP tokens and reached out to blockchain analysis firms Cristal and Chainalysis to flag addresses related to the stolen cryptocurrencies.
Photo for the Article - Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit -- The Block
Screenshot of XRP Scan of the transfer of XRP from Coins. The Hacker sent the XRPs to multiple exchanges, including OKX and WhiteBit. Image is from The Block

The transactions are viewable here: rU2mEJSLqBRkYLVTv55rFTgQajkLTnT6mA – XRP Account | XRPSCAN

At the time this article is published, the Coins account mentioned in The Block article only has 2,646.997527 XRP.

Photo for the Article - Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit -- The Block

What has happened at Coins this week based on public information?

On October 16, Monday, local time, Coins representative Johan announced on its Telegram channel a temporary maintenance.

Photo for the Article - Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit -- The Block

The maintenance has been on and off for the next consecutive days:

Photo for the Article - Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit -- The Block

BitPinas has reached out to Coins.ph for a statement, particularly on whether the maintenance was because of the exploit.

BitPinas has also reached out to Chainalysis for an update on the inquiry of Whitebit, as mentioned in The Block article.

This is a developing story.

This article is published on BitPinas: Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit — The Block

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
spot_img

Latest Intelligence

spot_img

Chat with us

Hi there! How can I help you?