Coins.ph, a Philippines-based cryptocurrency exchange and Ripple ODL partner, faced a substantial security breach resulting in the loss of more than 12 million XRP coins, amounting to approximately $6.2 million.
The breach occurred on October 17, 2023, and was performed by a suspected hacker who conducted a series of transactions. This hacker exchanged 999,999.999 XRP 13 times and an additional 200,000 XRP. One of the transactions failed to complete, but the hacker got away with 12.2 million XRP.
To launder the stolen tokens, the hacker moved them to various exchanges, including WhiteBIT, OKX, OrbitBridge, Fixed Float, SimpleSwap, and ChangeNOW.
BREAKING: Coins suspected of losing 12.2 Million XRP ($6 million or ₱340.5 Million) in an exploit: https://t.co/nEYGENFxUt
We reached out to Coins because it has undergone maintenance for prolonged period this week.#CryptoPH #CryptoNewsPH #Crypto #Blockchain #Coinsph pic.twitter.com/bbH10nA353
— BitPinas (@bitpinas) October 21, 2023
WhiteBIT’s Response
WhiteBIT, in response to the situation, blocked 445,000 XRP that was sent to its platform upon request from Coins.ph. Furthermore, WhiteBIT has reached out to blockchain analytics and tracking firms to flag addresses linked to the stolen XRP.
Coins.ph has not issued an official statement regarding the breach or the actions they’ve taken to prevent such an incident from happening in the future. However, it is notable that the exchange continues to operate without disruption despite the security breach.
The CoinEx Hack
This unsettling occurrence comes on the heels of another cryptocurrency exchange, CoinEx, being targeted by hackers. The hackers made away with over 12.6 million XRP, which, at the time, was valued at approximately $6 million.
However, the breach at CoinEx was more extensive, resulting in a total loss of $54 million. The perpetrators also made off with other cryptocurrencies, including BTC, ETH, MATIC, BNB, SOL, BCH, and more. In response to this attack, CoinEx temporarily suspended deposits and withdrawals as it initiated an investigation into the hack.
The cryptocurrency market is no stranger to such security breaches, underscoring the importance of robust security measures and proactive response strategies for exchanges. Coins.ph and CoinEx are just two recent examples of exchanges facing the growing threat of cyberattacks.
Mixin Network had to suspend withdrawals and deposits after a $200 million hack in September, and the Exactly Protocol experienced a security breach in August, losing $7.2 million worth of ETH.
This string of attacks shows the need for vigilance and stringent security protocols in the crypto world. While the dust settles, we await a response from Coins.ph, it is essential for all stakeholders in the cryptocurrency space to prioritize security and take steps to mitigate the risk of future breaches.
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