Philippines Charges Two Russian Citizens for XRP Theft 

Bittime - The Philippine Department of Justice (DOJ) charged two Russian nationals for allegedly theft of XRP worth 340 million pesos (approximately $6.2 million). The defendants, Vladimir Evgenevich Avdeev and Sergey Yaschuck, who previously worked as consultants at Coins.ph, allegedly hacked the system and stole 12.2 million XRP.

XRP Theft Case

Avdeev and Yaschuck are former consultants for Philippine crypto exchange Coins.ph, which operates under Betur Inc. They allegedly leveraged their knowledge of the platform's network infrastructure and security measures to illegally access the system.

Coins.ph, which offers remittance, money transfer and foreign currency exchange services, identified the breach after discovering unusual login activity.

Law and Indictment

The case has been submitted to the Taguig District Court. Avdeev faces 23 cybercrime charges with bail set at 120,000 pesos per charge, while Yaschuck faces three charges with the same bail conditions.

Minister of Justice, Jesus Remulla, emphasized the DOJ's commitment to maintaining law and order in cyberspace. Remulla warned about the evolving tactics of cybercriminals who take advantage of technological advances to exploit system weaknesses.

Money Laundering Attempts

Following the theft, the suspects allegedly tried to launder the stolen funds through various crypto platforms to disguise their origins and avoid detection. 

These actions demonstrate the high level of complexity and sophistication used by cybercriminals in their efforts to obscure their tracks and secure illicit profits.

Coins.ph Must Strengthen Security

This incident is a wake-up call for the industry crypto about the importance of cyber security. Coins.ph, as one of the leading crypto platforms in the Philippines, must strengthen its security measures to prevent similar incidents in the future. 

This incident also highlights the need for stricter regulations and better oversight in the crypto industry to protect investors and users from the threat of cybercrime.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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