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SwapSpace foils $555k cyber theft

SwapSpace helps secure more than $555k from a cyber attack on Coins.ph

On October 17, 2023, a Philippines-based cryptocurrency exchange platform Coins.ph fell victim to a security breach, resulting in the theft of its XRP tokens. However, the SwapSpace team took swift action to freeze the stolen XRP transferred to its platform, effectively preventing the attacker from cashing out on their ill-gotten gains.

Introduction to Coins.ph

Coins.ph was founded in 2014 and is a cryptocurrency exchange in the Philippines. It is regulated by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.

What happened?

On October 17, 2023, a series of unauthorized transactions were initiated through Coins.ph.

The perpetrator attempted to obscure their activities by conducting multiple transactions.

Afterward, in an attempt to convert the stolen XRP to fiat currency, the hacker sought to deposit the stolen cryptocurrency on SwapSpace.

However, the security protocols in place at SwapSpace detected the suspicious nature of the transactions, consequently preventing the attacker from executing their plans.

Mitigation measures

Upon receiving a notification from the Crypto Defenders Alliance (CDA) regarding the hack at Coins.ph, SwapSpace expedited a robust response to curtail the theft. This included the swift blacklisting of the perpetrator's address and safeguarding against the illicit movement of funds.

Next, SwapSpace received a direct request from the Philippine National Police Anti-Cybercrime Group and was subsequently contacted by the Coins.ph team to initiate the refund procedure.

Outcomes

SwapSpace prevented 4 unauthorized transactions totaling 1 million XRP, with an estimated value of approximately $555,900 at the current exchange rate.

The incident provided an opportunity to test and improve the security protocols of our platform, ultimately leading to faster response times and greater protection for our users' assets.

SwapSpace foils $555k cyber theft