The Philippine Department of Justice (DOJ) has indicted two Russian nationals for allegedly stealing 12.2 million XRP, equivalent to $6.2 million, from cryptocurrency exchange Coins.ph.
According to DOJ's announcement last week, two suspects, Vladimir Evgenevich Avdeev and Sergey Yaschuck, were charged with violating the Cybercrime Prevention Act of 2012 (Republic Act No. 10175). The case file has been transferred to the Taguig Regional Trial Court.
Avdeev and Yaschuck, who were consultants for Coins.ph, owned by Betur Inc., allegedly used their knowledge of the exchange’s network and security measures to carry out the theft. Coins.ph, a platform that provides remittance, wire transfer and foreign exchange services, discovered the incident after noticing unusual login activity.
Attorney General Jesus Remulla emphasized the DOJ’s commitment to upholding the rule of law in cyberspace. “The DOJ’s mission is to ensure that the rule of law is upheld at all times, and this applies in cyberspace as well,” he said. He also warned of the sophisticated tactics of cybercriminals to exploit technology and stressed the importance of heightened vigilance.
Avdeev faces 23 counts of cybercrime, with bail set at 120,000 pesos for each count. Yaschuck, meanwhile, faces three counts with similar bail conditions. The two suspects allegedly attempted to launder the money through various cryptocurrency platforms to conceal its origin and avoid detection.
The incident once again raises the alarm about cybersecurity in the digital asset sector. Exchanges and users need to be more vigilant and adopt strong security measures to protect their assets.
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