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.
Exploit on the crypto exchange Coins.ph. Image: XRP Scan
However, it appears that one of the transactions didn’t go through.
Exploit on the crypto exchange Coins.ph, including what appears to be a rejected transaction. Image: XRP Scan
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.
A few places where the Coins.ph exploiter sent XRP. Image: XRP Scan
BitGo connection to Coins.ph
It appears that Coin.ph’s wallet was activated by BitGo, a California-based crypto custody firm.
BitGo activated Coins.ph’s wallet in 2018. Image: XRP Scan
BitGo and Coins.ph did not immediately respond to requests for comment from The Block.