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Philippine prosecutors filed cybercrime charges against two former Coins.ph consultants, alleging they accessed the exchange’s systems and stole about 12.2 million XRP. The Department of Justice (DOJ) valued the alleged theft at ₱340,745,027.93—commonly rounded to about $6.2 million, not a current valuation of the XRP.
What happened in the Coins.ph incident?
The suspected incident took place in October 2023. At the time, blockchain-based reporting described a possible exploit after about 12.2 million XRP moved from wallets associated with Coins.ph. The DOJ later treated the matter as a criminal hacking and theft case, but its public announcement did not provide a complete technical account of how access was obtained.
According to The Block’s report based on blockchain records, the XRP was sent in repeated transfers of roughly 999,999.999 XRP, followed by a transfer of about 200,000 XRP, over roughly 30 minutes. The report traced funds through services including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW and Fixed Float. Those reported movements are not, by themselves, proof of who controlled the receiving wallets or a complete forensic reconstruction.
What did the DOJ charge the two men with?
On July 9, 2024, the DOJ said prosecutors filed charges before the Taguig Regional Trial Court against Russian nationals Vladimir Evgenevich Avdeev and Sergey Yaschuck. The DOJ described them as former consultants to Coins.ph’s parent company, Betur Inc., and said the charges were brought under Section 4(a)(1) of Republic Act No. 10175, the Cybercrime Prevention Act of 2012. The department’s announcement alleges unauthorized access to the company’s information-technology environment and the theft of approximately 12.2 million XRP.
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The DOJ said suspicious logins suggested detailed knowledge of Coins.ph’s network infrastructure, secure-access-key protocols and server systems. It also alleged that the funds were swapped and transferred through cryptocurrency services in an effort to obscure their origin and destination. The announcement does not establish that either man committed the alleged offenses; that is for the court to determine.
How much was the XRP worth?
The DOJ put the alleged loss at ₱340,745,027.93. News reports converted that amount to roughly $6.2 million, while other coverage used a lower approximate dollar figure. Such conversions depend on the exchange rate, XRP price and valuation date. The peso figure is the amount stated by the DOJ; neither dollar estimate should be read as the value of 12.2 million XRP today.
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How many counts were reported?
The DOJ release does not give a count-by-count breakdown. Tech Times and BitPinas reported that Avdeev faced 23 cybercrime counts and Yaschuck faced three, with bail reportedly set at ₱120,000 per count. These figures are attributed to secondary reporting, rather than specified in the DOJ announcement.
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Were the accused arrested, and was the XRP recovered?
Reports said Avdeev and Yaschuck had left the Philippines before charges were filed. The available sources do not confirm an arrest, extradition or later custody status. “Charged” therefore does not mean they were in custody or that the case had reached a verdict.
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The Block reported that WhiteBIT blocked approximately 445,000 XRP after receiving a request connected with the incident. A block or freeze is not the same as a completed return of assets. The sources cited here do not establish the total ultimately recovered or the final disposition of the blocked XRP.
Why “charged” is more precise than “indicted”
Some coverage described the men as “indicted,” but the DOJ said prosecutors filed charges before a Philippine trial court. “Charged” describes that reported step without importing the U.S. meaning of indictment, which generally involves a grand jury. BitPinas also noted that its wording was updated from “indicted” to “charged.”
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What the public account does—and does not—establish
The case has several distinct layers: blockchain reporting records movements from wallets associated with Coins.ph; the DOJ describes suspicious access and an alleged theft; prosecutors accuse two named former consultants; and a court would determine whether the allegations are proven. A suspicious login can show access activity, but does not alone identify the person responsible.
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The DOJ’s public announcement does not explain the initial entry method, whether credentials, API keys, VPN access, administrator privileges or another account were involved, or how each transaction was linked to either accused. It also does not provide a full account of device evidence, login records, blockchain analysis, witnesses or admissions. The allegations should not be expanded into claims that Coins.ph’s entire platform was breached or that a particular technical pathway was used.
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The DOJ announcement concerns an alleged company loss. It does not establish that individual customers permanently lost balances or provide a case-specific audit of customer funds or remediation. Coins.ph’s general legal terms discuss custody practices, but those terms are not an incident-specific audit finding.
Timeline
- October 2023: Blockchain-based reporting described the movement of approximately 12.2 million XRP from wallets associated with Coins.ph as a possible exploit. The Block published its initial account on October 20.
- July 9, 2024: The DOJ announced that charges had been filed before the Taguig Regional Trial Court.
- July 2024: Philippine and international outlets reported additional details on the alleged counts, bail, suspects’ reported departure and approximate dollar conversion.
What the incident illustrates about exchange security
The allegations point to risks that matter especially when a company relies on former consultants or other people who once had access to sensitive systems. They do not establish that any single control failed, but they show why exchanges need safeguards around both access and withdrawals.
Quick Recap
- Revoke accounts, keys and other access promptly when a staff member or consultant leaves; limit permissions by role and use short-lived credentials where practical.
- Separate operational hot-wallet balances from longer-term reserves and require multiple approvals for unusually large withdrawals.
- Monitor for abnormal patterns, including repeated near-limit transfers, and maintain an incident-response plan that can involve exchanges, blockchain-analysis providers, law enforcement and clear customer communication.
- Do not assume that tracing or freezing a transfer guarantees recovery. Blockchain records can reveal movement without necessarily revealing who controls an address or whether an asset can be returned.
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