According to the accusation submitted by the Ministry of Justice to the Taguig Court of First Instance, Vladimir Avdeev and Sergey Yaschuk, former consultants Coins.ph , violated the Cybercrime Prevention Act of 2012.
It is alleged that they abused their knowledge of the company's internal structure by violating security protocols and gained illegal access to crypto assets. The Manual Coins.ph It confirmed that the hacking could only be committed by persons who possessed insider information about access keys, server systems and network infrastructure.
The hack occurred on October 17, 2023. After the successful robbery, the suspects tried to cover their tracks. To hide the origin of the stolen funds and confuse investigators, they moved the stolen coins to different cryptocurrency platforms. Crypto assets were "scattered" through OKX, OrbitBridge, WhiteBit, ChangeNOW, SimpleSwap and Fixed Float crypto exchanges.
After the warning Coins.ph , the WhiteBit exchange promptly blocked a transaction involving 445,000 stolen XRP. Analytical companies Chainalysis and Cristal have also started tagging addresses associated with stolen coins.
In June, the British cryptocurrency exchange Lykke suffered from theft. The attackers stole 158 BTC and 2,161 ETH worth more than $22 million from the exchange's wallet. According to PeckShield, in June, hackers embezzled $176.2 million from cryptocurrency platforms.