Cryptocurrencies

Coins.ph XRP Hackers Charged with $6 Million Cryptocurrency Theft, Evade Philippines

The Department of Justice (DOJ) has officially charged two Russian nationals, Vladimir Evgenevich Avdeev and Sergey Yaschuck, for the theft of ₱340 million worth of XRP cryptocurrency from Coins.ph. Both individuals managed to flee the country before facing charges. This development signifies the acknowledgment of the hack by Coins.ph, which transpired in October 2023. The platform had previously refrained from commenting on the incident despite media inquiries. Avdeev and Yaschuck, former consultants at Coins.ph, exploited their insider knowledge to breach the system and steal 12.2 million XRP from Bitgo hot wallets, subsequently transferring the funds to an external wallet. The suspects attempted to conceal the original source and destination of the stolen assets by using various cryptocurrency services, complicating the investigation process. Avdeev faces 23 counts of cybercrime, while Yaschuck faces three; both individuals are currently evading capture. Legal proceedings will determine the fate of the accused as the case unfolds.

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