Philippines-based crypto exchange Coins.ph is rumored to have suffered a hack that resulted in the potential loss of 12.2 million XRP, equivalent to $6 million. However, some of the funds have already been recovered. The hack reportedly took place on October 17, although Coins.ph has not yet confirmed the incident. On-chain data suggests that the exploit did occur, with 13 outflows of 999,999.999 XRP each from the exchange to the same wallet. An additional 200,000.999999 XRP was also sent out. The alleged hacker then transferred the funds to various destinations, including OKX, Simple Swap, ChangeNOW, and WhiteBIT. WhiteBIT blocked 445,000 XRP upon receiving a request from Coins.ph. The crypto industry has seen an increase in hacks, with over $2 billion lost last year. Huobi recently lost nearly $8 million, and South Korea’s Upbit faced 159,000 hacking attempts in the first half of 2023. DeFi exchanges and platforms have also been targeted, resulting in losses of over $665 million.

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Information	Details
Geography	Asia
Countries	🇵🇭
Sentiment	negative
Relevance Score	1
People	None
Companies	XRP scan, Simple Swap, Cristal, ChangeNOW, Chainalysis, The Block, WhiteBIT, Coins.ph, Upbit, DeFi exchanges, Huobi, OKX
Currencies	XRP
Securities	None