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Coins.ph XRP Hackers Charged But Escaped PH — DOJ | Key Points | July 10, 2024

Photo for the Article - Coins.ph XRP Hackers Charged But Escaped PH -- DOJ | Key Points | July 10, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s recap, more news from the U.S., plus the latest on the Coins.ph XRP hack from last year.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

  • Bitcoin (BTC): $59,272.39, up 3.7% over the last 24 hours.
  • Ethereum (ETH): $3,117.79, up 1.7% over the last 24 hours.
  • Solana (SOL): $145.73, up 3.7% vs the previous day.
  • Stader: $0.8423, up 112.6% vs the previous day.
  • PIXL: $0.1050, up 50.7% over the last 24 hours.
  • Hoppy: $0.0001, down 15.3% vs the previous day.

For the daily price update, check out our post on Facebook.


Feature News: Coins.ph XRP Hackers Identified, Indicted, But Escaped PH

A full version of this news can be read here.

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The Department of Justice (DOJ) has filed criminal charges against two Russian nationals, Vladimir Evgenevich Avdeev and Sergey Yaschuck, for stealing ₱340 million worth of XRP cryptocurrency from Coins.ph

What’s the significance:  This case marks the first official confirmation from Coins.ph of the hack, which had occurred in October 2023. [Read more: Coins.ph Suspected of Losing $6 Million Worth of XRP in Exploit]

By the numbers:

  • The theft involved 12.2 million XRP, valued at ₱340.745 million.
  • Avdeev faces 23 counts of cybercrime, with bail set at ₱120,000 per count, while Yaschuck faces three counts with the same bail amount per count.

Vladimir Evgenevich Avdeev and Sergey Yaschuck, former consultants at Coins.ph, allegedly used their insider knowledge to breach the company’s system, according to reports from PNA News and Inquirer.

  • The two hacked into Coins.ph’s system, gaining unauthorized access and stealing 12.2 million XRP from its Bitgo hot wallets, which are then moved to an external wallet, the publications noted.
  • Coins.ph team investigated and found Yashchuck’s account was involved. Meanwhile, the company is also able to link Avdeev to suspicious logins from October 17 to 18, 2023.
  • The suspects tried to obscure the origin and destination of the stolen funds using various cryptocurrency services, complicating the investigation.

Legal action: Avdeev faces 23 counts of cybercrime, with bail set at ₱120,000 per count. Yaschuck faces three counts, with the same bail amount per count.

However, the suspects, Evgenevich and Yaschuck, has evaded capture and are currently at large.

A full version of this news can be read here.


Philippine Crypto News 🇵🇭

Photo for the Article - Coins.ph XRP Hackers Charged But Escaped PH -- DOJ | Key Points | July 10, 2024
  • YGG announced that it will be opening 40 more white list spots for web3 game Champions Tactics to YGG Founders’ Coin DAO.
  • Sky Mavis’ Co-founder Jeffrey Zirlin comments on the listing of stablecoin PHPC on Ronin. 
  • SuperteamPH released its June newsletter.
    • SuperteamPH also announced the winners of its Whackathon: Road to Bonkathon.

Educational Corner 🎓

Coins.ph stablecoin PHPC went live on Ronin, check out these articles about the token and stable coins in general:

PHPC:

Stablecoin:


Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

  • Former President Donald Trump‘s Republican Party has adopted a pro-crypto platform, pledging to halt what they term a “Crypto crackdown” by Democrats, support cryptocurrency innovation, oppose CBDCs, and ensure Americans’ right to self-custody.
  • Paxful co-founder Artur Schaback pleaded guilty to operating the platform without effective anti-money laundering measures, potentially facing up to five years in prison.
  • Australia’s DigitalX has secured approval to launch its spot bitcoin exchange-traded fund (ETF), BTXX, on the Australian Securities Exchange (ASX), commencing trading this Friday.

Community Spotlight 🔦

Photo for the Article - Coins.ph XRP Hackers Charged But Escaped PH -- DOJ | Key Points | July 10, 2024
Jopet Arias

Meet Jopet Arias: He  is a visionary digital artist from the Philippines; a digital nomad, visual artist, and curator inspired by his travels and experiences.

  • Arias is a pioneer in the Philippine crypto art scene.His work blends classic artistic skills with modern technology.
  • Co-founder of CryptoArt PH, empowering Filipino creators in the web3 space.
  • He is also a frequent BitPinas webcast guest when it comes to topics such as crypto art and digital assets.
  • He recently led the three-day exhibit titled “Decked Out: Art Reimagined” along with the members of CryptoArtPH.
  • Check out articles about Arias here.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

  • Elmnts, a Solana-based project, seeks to tokenize oil and gas rights, offering investors the opportunity to earn royalties from these assets through security tokens while introducing a lending protocol called Atoms for collateralized crypto loans.
  • Auros Ventures, the newly established VC arm of trading firm Auros, plans to invest over $50 million in early-stage crypto ventures.
  • Coinbase Ventures invested $1 million in Ampleforth’s SPOT technology, a flatcoin designed to reflect the cost of living rather than being pegged to fiat currencies.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

  • Tomarket launched a Telegram game called Drop Game to drive web3 adoption by engaging users in crypto trading. 
  • Miomi Game aims to transform esports using web3 technology in Dubai. With over 130,000 users and $700,000 revenue from 1.5 million matches it is its goal to convert Web2 users to Web3 and expand with features like the NFT Arena. 
  • Tim Wong, Chairman of Catizen Foundation, shared their aim to build a sustainable business ecosystem focused on emotional value and long-term engagement in the gaming industry.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Photo for the Article - Coins.ph XRP Hackers Charged But Escaped PH -- DOJ | Key Points | July 10, 2024

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

  • Bitfarms has appointed Ben Gagnon as its new CEO amidst a takeover attempt by rival Riot Platforms, who sought to remove members of Bitfarms’ board. 
  • JP Morgan reported that in June, the cryptocurrency market lost 8% of its total value, with stablecoins holding steady while bitcoin ETFs and other sectors faced significant outflows.
  • Doja Cat’s Twitter account was hacked to promote a Solana-based meme coin, leading to tweets urging followers to buy $DOJA.

Stay Connected:

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This article is published on BitPinas: Coins.ph XRP Hackers Indicted But Escaped PH | Key Points | July 10, 2024

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