Phillipines based crypto exchange Coins.ph impacted by security breach, loses $6.2 Million in XRP

Coins.ph, a cryptocurrency exchange based in the Philippines and a partner of Ripple On-Demand Liquidity, has fallen victim to a significant security breach, resulting in the loss of more than 12 million XRP coins, equivalent to approximately $6.2 million.

Coins.ph has not issued an official statement regarding the breach or disclosed the measures they have taken to prevent future incidents. Nevertheless, the exchange continues to operate without any noticeable disruptions despite the security breach.

This breach took place on October 17, 2023, and was executed by a suspected hacker who conducted a series of transactions, exchanging 999,999.999 XRP 13 times and an additional 200,000 XRP, successfully making away with 12.2 million XRP.

To obscure the stolen tokens, the hacker transferred them to various exchanges, including WhiteBIT, OKX, OrbitBridge, Fixed Float, SimpleSwap, and ChangeNOW.

To assist in mitigating the hacn, WhiteBIT exchange blocked 445,000 XRP sent to its platform at Coins.ph's request. Additionally, WhiteBIT collaborated with blockchain analytics and tracking firms to identify addresses associated with the stolen XRP.

This incident follows closely on the heels of another cryptocurrency exchange, CoinEx, falling victim to a similar attack. In the CoinEx hack, hackers made off with over 12.6 million XRP, valued at around $6 million at the time.