One of Asia’s largest crypto exchanges by market cap, Philippine’s Coins.ph has recently suffered an exploit. In the exploit the coins.ph has lost approximately 12.2 million XRP tokens.
After XRP tokes were stolen from the Coins.ph, they were sent out to several exchanges namely, WhiteBit, SimpleSwap, OKX, FixedFloat and ChangeNow. While all cyber-criminal was able to execute all the transactions succefully, WhiteBit, however, managed to block 445,000 XRP tokens.
According to the WhiteBit, the exchange has contacted cyber security firms Cristal and Chainanalysis to trace and flag the address through which the tokes were sent. Albeit, neither the details of the exploit nor the stage at which the investigation is made public yet. The news of the exploit was initially reported by XRP Scan, the firm that traces XRP transactions.
Coins.ph is currently Philippine’s largest crypto exchange by market cap. Exchange’s trading volume in the past 24 hours stood at $2.5 million. Coins.ph was founded in 2014, and since then the exchange has been able to develop a trustworthy and efficient crypto infrastructure. Coins.ph does not only operate in the crypto market, rather, it represents a fair share of the Philippine’s huge remittance market.
It is notable that Philippine is one of world’s largest remittance receiver. According to the central bank of Philippine, the country received a $36.1 billion in remittances from around the world. The number represents 8.9% of country’s GDP and 8.4% of its GNI. Considering the size of the market, the country offers a big opportunity to the firms that look to make the world’s remittance infrastructure more efficient using crypto exchanges i.e. Ripple’s native XRP.
Nevertheless, Ripple has been the leading crypto firm providing remittance companies around the world with relevant tools for some years now. Currently trading at $0.55, Ripple native XRP is up 12.57% over the past week.