Companies • October 20, 2023, 10:43AM EDT
Published 1 minute earlier on
Quick Take
- The Philippines-based crypto exchange Coins.ph lost 12.2 million XRP tokens in what appears to have been an exploit on Tuesday.
- A hacker appears to have sent XRP tokens through OKX, WhiteBIT and two non-custodial exchanges, among other destinations.
- A person familiar with the matter confirmed the security incident to The Block.
The Philippines-based crypto exchange Coins.ph appears to have experienced an exploit on Tuesday that resulted in the loss of more than 12 million XRP tokens ($6 million). Within about 30 minutes, a supposed hacker exchanged 999,999.999 XRP lots 13 times, in addition to another lot of 200,000 XRP, according to the blockchain explorer XRP scan. Exploit on the crypto exchange Coins.ph. Image: XRP Scan However, it appears that one of the transactions didn't go through. Exploit on the crypto exchange Coins.ph, including what appears to be a rejected transaction. Image: XRP Scan After gaining nearly 12.2 million XRP tokens, the hacker then sent the coins through the crypto exchange OKX, the European crypto-to-fiat exchange WhiteBIT, the cross-blockchain exchange OrbitBridge, the crypto exchange SimpleSwap, two non-custodial exchange ChangeNOW and Fixed Float, as well as other destinations. A few places where the Coins.ph exploiter sent XRP. Image: XRP Scan It appears that Coin.ph's wallet was activated by BitGo, a California-based crypto custody firm. BitGo activated Coins.ph's wallet in 2018. Image: XRP Scan BitGo and Coins.ph did not immediately respond to requests for comment from The Block. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
BitGo connection to Coins.ph
