Philippines’ Coins.ph may have lost US$6 million worth of XRP in hack: The Block

Philippines-based cryptocurrency exchange Coins.ph lost over 12 million XRP tokens (US$6.4 million) in an alleged hack, according to a report by The Block on Friday.

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• Data from blockchain intelligence platform XRP Scan showed an alleged hacker stole roughly 12.2 million XRP tokens via Coins.ph. Within 30 minutes, the coins were transferred to various exchanges including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW and Fixed Float, The Block reports.
• A WhiteBIT spokesperson told The Block that the exchange acted swiftly to block 445,000 stolen XRP tokens. It added that WhiteBIT reached out to blockchain analysis firms Cristal and Chainalysis to flag addresses related to the stolen cryptocurrencies.
• In response to a comment on its official Facebook page, Coins.ph assured customers that funds and assets are safe and access to all services are available.
• On its website, Coins.ph claims to have more than 16 million users in the Philippines.
• In December 2022, Coins.ph was granted an Advanced Electronic Payment and Financial Services (EPFS) license by the Bangko Sentral ng Pilipinas, the Philippines’ central bank.
• Coins.ph did not respond to Forkast’s request for an interview or provide commentary for this article.

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