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Coins.ph under fire: Did they lose $6m in XRP to hackers?

TL;DR

  • Coins.ph, a prominent cryptocurrency exchange in the Philippines, is under scrutiny after a possible loss of 12 million XRP or $6 million.
  • The alleged exploit occurred within a 30-minute window, with the hacker dispersing stolen XRP across multiple exchanges.
  • WhiteBIT froze 445,000 of the stolen XRP and reached out to blockchain analysis firms for assistance.

Coins.ph, a renowned cryptocurrency exchange in the Philippines, is grappling with a storm of controversy after reports surfaced suggesting a potential loss of a staggering 12 million XRP, translating to $6 million.

The crisis, arriving at the heels of maintenance activities conducted by the exchange, raises questions, eyebrows, and concerns in the crypto community.

The Dark Thirty: The Alleged Exploit

The unfolding drama traces back to a sinister 30-minute window when a purported cyber-attacker executed a series of trades, ending up with nearly 13 million XRP. While the majority of these transactions went through smoothly, one appeared to falter.

The audacious move didn’t stop there. The amassed XRP trove was dispersed across various exchanges including giants like OKX and WhiteBIT, as well as others like SimpleSwap and OrbitBridge.

WhiteBIT, acting with commendable alacrity, managed to freeze 445,000 XRP, potentially stemming some of the outflow.

They were also quick to touch base with leading blockchain analysis firms, Chainalysis and Cristal, signaling the urgent need to mark addresses associated with the hijacked cryptocurrency.

Coins.ph, meanwhile, remains tight-lipped, offering nothing beyond a vanilla assurance to its concerned user base: “Your funds and assets are safe.”

Ripples in the Timeline: Coincidence or Consequence?

Days leading up to the alleged hack witnessed an erratic operational behavior from Coins.ph. Johan, a representative from Coins.ph, announced a ‘temporary maintenance’ on October 16th.

This was not an isolated event, with subsequent days seeing sporadic downtimes. Was this a mere coincidence or an omen of the impending crisis?

Several in the crypto arena are now seeking clarity, including BitPinas, a trusted name in crypto journalism. They’ve reached out to Coins.ph, probing if the series of maintenance shutdowns was a reactionary measure post the supposed exploit.

Yet, this isn’t the first time a significant volume of XRP has gone missing. CoinEx, another significant player in the crypto space, had to grapple with a loss of over 12.6 million XRP just last month, then valued at a similar $6 million.

Whether these incidents are isolated or indicate a worrying trend in the cryptocurrency world remains to be seen. In the wake of these events, one is forced to ponder – where does this leave the average Joe who’s looking to invest or has already parked his funds in XRP?

The silence from Coins.ph is deafening, and it’s essential that they provide clarity, not just for their sakes but for the entire industry. As this story develops, it’s evident that the crypto industry needs more than just technological safeguards.

Transparency, timely communication, and trustworthiness are the need of the hour. Coins.ph has a chance to set a precedent here, and one hopes they rise to the occasion. But for now, the crypto world watches, waits, and wonders.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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