Philippines-based exchange Coins.ph appears to have lost 12.2 million XRP in possible exploit
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.
However, it appears that one of the transactions didn't go through.
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.
It appears that Coin.ph's wallet was activated by BitGo, a California-based crypto custody firm.