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Philippine-based exchange Coins.ph Appears to Have Lost 12.2M XRP in a Potential Exploit

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It was reported on Friday that Coins.ph, a cryptocurrency exchange based in the Philippines with millions of users, appeared to have lost 12.2 million XRP tokens.

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According to data from the blockchain intelligence platform XRP Scan, an alleged hacker stole around 12.2 million XRP tokens via Coins.ph. The coins were sent to several exchanges within 30 minutes, including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW, and Fixed Float.

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According to a WhiteBIT spokeswoman, the exchange proceeded quickly to block 445,000 stolen XRP tokens. WhiteBIT also contacted blockchain analysis firms Cristal and Chainalysis to detect addresses associated with stolen bitcoins.

Coins.ph responded to a message on its official Facebook page by assuring clients that their monies and assets are safe and that they have access to all services.

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Coins.ph claims to have over 16 million users in the Philippines on their website.

The Bangko Sentral ng Pilipinas, the Philippines’ central bank, granted Coins.ph an Advanced Electronic Payment and Financial Services (EPFS) license in December 2022.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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