Philippines' leading crypto exchange faces potential exploit; rising concerns surround local crypto security and xrp amidst ongoing SEC legal challengesreportedly lost over 12 million XRP tokens in an alleged exploit. Reports say the hacker managed to exchange and send the tokens across multiple platforms including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW, and Fixed Float, all within approximately 30 minutes.
As per the data from XRP scan, the hacker tried to trade almost 13 million XRP in several transactions, with one apparently being unsuccessful. After obtaining around 12.2 million XRP tokens, the hacker moved the tokens to different exchanges. Some platforms took immediate action to halt or mark the stolen XRP, seeking help from blockchain analysis firms Cristal and Chainalysis. This exploit is considered to be one of the largest thefts of XRP in recent times.
It appears that coins.ph's wallet was activated by BitGo, a California-based crypto custody firm, in 2018. However, neither coins.ph nor BitGo have confirmed or commented on the incident yet. After acquiring roughly 12.2 million XRP tokens, the hacker transferred these tokens to various exchanges and destinations. Some of these platforms acted swiftly to block or flag the stolen XRP tokens and contacted blockchain analysis firms Cristal and Chainalysis for further investigation.The exploit has raised concerns over the security and regulation of crypto exchanges in the Philippines. coins.