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- 1 Coin.ph, a philippines based crypto exchange lost 12.2 Million XRP in a cyber theft.
- 2 The cryptocurrency exchange has more than 7 Million active user base.
As per a recent report, a Philippines based crypto asset exchange suffered a fraud and around 12.2 Million XRP has been wiped out from the addresses on its database.
The calculated value of leaked XRP is around 950 Million Yens. Apparently, the attacker managed to transfer all the stolen funds using OKX, WhiteBIT and others.
The motive behind transferring funds using different exchanges was to erase all the data that can be used to determine their identity.
Data of XRP scan states that after hacking 12.2 Million XRP accounts displaying suspicious behavior occurred 12 times in units of 1 million XRP with around 30 minutes signal transaction of 200,000 XRP was made.
Some cross-chain exchanges were also used to divert the stolen amount to various sources.
A spokesperson of WhiteBIT informed media sources that the team stopped the request from Coins.ph to transfer 445,000 XRP. WhiteBIT is said to be working with renowned blockchain analysis firms to identify the addresses that committed the theft.
Coins.ph is one of the most famous cryptocurrency exchanges in the Philippines which has a total user base of 16 Million and its monthly active user base is 7 Million.
Crypto Hacks Acting as Barrier in Crypto Adoption?
Crypto hacks have troubled many giants of the sector and with some affected crypto projects going due to immense losses.
Since the beginning of 2023, dozens of crypto projects have lost Millions and Billions, and per year, the amount that has been wiped out from the market amounts to more than 100 Billion.
According to Biosin, decentralized finance remains the most frequently attacked sector in the crypto economy. Public chains suffered the highest amount of losses among project types.
Ethereum became the most troubled blockchain, accounting for the highest losses overall, totaling $227 Million. Ethereum also saw the highest number of attacks, reaching 16 times.
Regarding attack types, there were 9 private critical compromise incidents this quarter, resulting in losses reaching $223 Million, the most among attack types. Regarding stolen fund flows, $360 Million (67%) remained in hacker addresses.
Only 10% of stolen funds were recovered this quarter. Regarding audit status, the proportion of audited and unaudited projects was roughly equal, at 48.8% and 46.5%, respectively.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
