The Philippine Department of Justice last week crypto money announced that criminal charges have been filed against two Russian nationals for the theft of PHP340 million (approximately $6.2 million) worth of cryptocurrency XRP from the exchange Coins.ph. According to the charges filed with the Taguig District Court, the defendants, Vladimir Evgenevich Avdeev and Sergey Yaschuck, face charges under the Cybercrime Prevention Act.
How did the theft occur?
Avdeev and Yaschuck, former advisors to Philippine crypto exchange Coins.ph, which is part of Betur Inc., allegedly infiltrated the company’s systems and stole 12.2 million PHP worth 340 million. XRPCoins.ph discovered the breach after noticing unusual login activity. The suspects were found to have extensive knowledge of the network infrastructure and security measures. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Justice Minister Jesus Remulla has stressed the Justice Ministry’s commitment to upholding the rule of law in cyberspace. “It is the Justice Ministry’s duty to ensure that the rule of law is always upheld, and this includes cyberspace,” the Minister said in a statement. Remulla warned of the tactics developed by cybercriminals to take advantage of technological advances and stressed the importance of being vigilant.
Status of the Suspects
Avdeev is facing 23 cybercrime charges with PHP120,000 bail for each charge, while Yaschuck is facing three charges with the same bail conditions. The suspects allegedly attempted to launder the stolen funds through various cryptocurrency platforms to mask the source of the stolen funds and avoid detection.
When we evaluate the development, this incident once again reveals the importance of cybersecurity and how vital security measures are in the cryptocurrency world. It is clear that platforms that host large amounts of cryptocurrency in particular need more advanced security protocols to protect their users’ assets.
As you may recall, the cryptocurrency exchange BtcTurk was attacked and nearly $55 million worth of cryptocurrency was stolen from the exchange. In the second quarter of 2924, cryptocurrency-focused hack and similar incidents have resulted in a loss of over $629 million.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
