Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit — The Block

Update October 25, 2023: 12 Million XRP Reportedly Stolen From Coins.ph Now Labeled in Chainalysis Products

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.

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.

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.

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

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

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