XRP Crypto Thief Worth IDR 95 Billion Escapes From The Philippines

The XRP coin thief managed to escape from the Philippines. (Photo; Doc. CPO Magazine)

JAKARTA The Philippine Department of Justice (DOJ) plans to bring two Russian citizens to prison. Both, Vladimir Evgenevich Avdeev and Sergey Yaschuck, are suspected of being involved in the theft of the XRP cryptocurrency worth Rp95 billion from local crypto exchange Coins.ph. This case highlights the increasing threat of cybercrime and the need for strict measures in maintaining digital security.

In October 2023, the Philippine crypto exchange Coins.ph experienced a cyberattack resulting in the theft of more than 12 million XRP, equivalent to Rp95 billion. Avdeev and Yaschuck, who previously worked as consultants for Coins.ph, allegedly used their internal knowledge to hack the company's system. They managed to access Coins.ph's Bitgo crypto wallet and transferred stolen XRP to an external wallet.

The Philippine DOJ charged the two suspects under the 2012 Cyber Crime Prevention Act. Avdeev faces 23 counts of cybercrime, while Yaschuck faces three counts. Although the charges have been filed, both managed to escape before being arrested.

This case reminds us of the importance of cybersecurity in the digital era. Companies and individuals must continue to update and strengthen their security measures to protect digital assets. Collaboration between the government, law enforcement authorities, and digital service providers is also very important in dealing with this threat.

The crypto market continues to face security challenges, and this case is a warning to all parties to increase vigilance. Let's continue to monitor the development of digital law and security in order to maintain the integrity of the financial system and protect crypto users.