Philippines-based cryptocurrency exchange Coins.ph fell victim to a major security breach on Tuesday. The breach resulted in the loss of more than 12 million XRP tokens, estimated to be worth $6 million at the time of the incident. The breach sent shockwaves throughout the cryptocurrency community, raising concerns about the security of altcoin projects and the ability of exchanges to protect them. Here are the details…
Altcoin XRP was stolen in stock market hack
According to reports, the exploit was revealed quickly, with an alleged hacker performing a series of actions in just a 30-minute period. This cybercriminal managed to exchange 999,999,999 lots of XRP 13 times, adding another lot of 200,000 XRP to his nefarious heist. Details of this attack were revealed through Blockchain explorer XRP Scan. However, all was not well for the hacker. It appears that one of the transactions was not completed successfully, indicating the complexity and unpredictability of such security breaches.
After hackers collected approximately 12.2 million XRP tokens, they began sending their ill-gotten gains through various means. Crypto assets have arrived on crypto exchange OKX, European crypto-to-fiat exchange WhiteBIT, cross-Blockchain exchange OrbitBridge, crypto exchange SimpleSwap, and two non-custodial exchanges ChangeNOW and Fixed Float, among other destinations. Despite the seriousness of the situation, Coins.ph remained conspicuously silent following the breach. He made no immediate response or comment publicly.
WhiteBIT took action
In response, WhiteBIT, one of the places where the stolen XRP was sent, took swift action. A spokesperson from WhiteBIT stated that they immediately blocked 445,000 Ripple following a request from Coins.ph. WhiteBIT also took proactive steps by reaching out to Cristal and Chainalysis and requesting that addresses associated with stolen cryptocurrencies be flagged. This incident is a stark reminder of the challenges facing the cryptocurrency industry, especially in the area of security. Exchanges are prime targets for cybercriminals. Although many have invested in improving security measures, breaches like this continue to occur.
This underscores the importance of continued vigilance and collaboration within the cryptocurrency community to thwart malicious actors. As the investigation into the Coins.ph security breach progresses, those in the cryptocurrency space will closely monitor developments and responses from the exchange. This incident has highlighted the need for advanced security protocols to protect crypto assets and maintain the trust of cryptocurrency users worldwide.
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