According to analysts from The Block, the Philippine cryptocurrency exchange Coins.ph was subject to a hacker attack, which led to the loss of more than $6 million in XRP coins.

According to The Block, within about 30 minutes, the hacker exchanged 999,999,999 lots of XRP 13 times, and he also sent another lot of 200,000 XRP. However, it appears that one of the transactions did not go through.

After receiving almost 12.2 million XRP tokens ($6 million), the hacker sent the coins through the OKX crypto exchange, the European crypto-fiat exchange WhiteBIT, the cross-chain exchange OrbitBridge, the SimpleSwap crypto exchange, as well as two non-custodial exchanges ChangeNOW and Fixed Float.

The WhiteBIT platform said that as soon as it received information in the hack, it “reacted quickly” and blocked 445,000 XRP. In addition, WhiteBIT asked Cristal and Chainalysis to flag addresses associated with stolen cryptocurrencies.

According to Immunefi, in the third quarter of 2023, the number of hacks and frauds in the crypto industry increased by 153% – from 30 incidents during the same period in 2022 to 76 in 2023. Company specialists report that since the beginning of the year, hackers and scammers have stolen $1.39 billion, with $685 million stolen in the third quarter.

Recently, Dunamu, the operator of the major South Korean crypto exchange UpBit, reported that in the first half of 2023, attackers tried to hack the trading platform more than 159,000 times, but their efforts were unsuccessful.