According to the indictment filed by the DOJ in the Taguig Trial Court, Vladimir Avdeev and Sergey Yashchuk, former consultants of Coins.ph, violated the Cybercrime Prevention Act of 2012.
They are believed to have abused their knowledge of the company’s internal structure, breaching security protocols, and gained illegal access to crypto assets. Coins.ph management confirmed that the hack could only have been carried out by people with inside information about access keys, server systems, and network infrastructure.
The hack took place 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 exchanges. The crypto assets were “scattered” across the OKX, OrbitBridge, WhiteBIT, ChangeNOW, SimpleSwap and Fixed Float crypto exchanges.
Following the warning from Coins.ph, WhiteBIT quickly blocked the transaction involving 445,000 stolen XRP. Analytics companies Chainalysis and Cristal also began flagging addresses associated with the stolen coins.
In June, the British cryptocurrency exchange Lykke suffered from a theft. Attackers stole 158 BTC and 2,161 ETH from the exchange’s wallet, for a total of more than $22 million. According to PeckShield, hackers stole $176.2 million from cryptocurrency platforms in June.
Source: Bits
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