Coin.ph is a Philippines-based prominent cryptocurrency exchange that recently got hacked. As a result, the exchange lost XRP worth $6 million. However, a portion of the lost funds was recovered but it affected the exchange adversely and raised privacy concerns regarding the exchange.
Details of the Alleged Crypto Exploit
The media’s case report states that Coin.ph cryptocurrency exchange got hacked back on the 17th of October 2023. This exploit was cited by the management and they took precautionary measures and immediately recovered part of the lost funds. During the crypto exploit, the exchange lost 12.2 million XRP worth $6 million but management assured the recovery of the lost funds.
Coins.ph crypto exchange has not given the final statement about details of the incident till now. But the media has assured about the hack because of having access to the exchange’s doubted activities. XRP scan’s data pointed out 13 outflows from the exchange. In each transaction, 999,999.999 XRP was sent to the same wallet and the last batch might not have been processed.
After that, 200,000.999999 XRP moved out of the exchange. All these transactions happened in just 32 minutes and all at once. The total processed transactions calculated up to more than 12.2 million XRP worth 6 million US Dollars.
After having access to the exchange’s funds, the hacker sent it to different exchanges like OKX, Simple Swap, ChangeNOW, and WhiteBIT. Moreover, the report disclosed that a WhiteBIT spokesperson has confirmed the hack.
Increasing Crypto Hacks
Crypto scams and hacks are increasing day by day. Last year, different exchanges lost more than $2 billion because of hacks. In September, Huobi lost almost $8 million, and Upbit faced 159,000 hacking attempts in the last couple of years. A few DeFi exchanges also suffered hacks during 2023 and lost around $665 million by June.
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