The Philippine Department of Justice has revealed shocking details of a large-scale cybercrime committed by two Russian citizens. Vladimir Avdeev and Sergey Yashchuk, who worked as consultants for the cryptocurrency exchange Coins.ph, planned and executed a massive theft of assets from the platform’s users, seizing 12.2 million XRP, equivalent to approximately 7 million US dollars.
Details of the cyber attack and investigation
According to the ministry’s statement, Avdeev and Yashchuk used their deep knowledge of the network infrastructure and security systems of the cryptocurrency exchange to orchestrate the cyber attack. They gained unauthorized access to Coins.ph servers, bypassing established security protocols.
«The investigation revealed a number of suspicious system logins, confirming that the accused were informed about the internal network architecture, secure access mechanisms, and server infrastructure of the exchange,» a representative of the Philippine Department of Justice noted.
Investigators found that the stolen crypto assets were transferred to several trading platforms, the names of which are not disclosed to protect the confidentiality of the investigation. It was determined that the criminals used their knowledge of the exchange’s internal system to bypass security measures and carry out the theft.
Legal consequences and reaction
At this time, it remains unknown what punishment the accused may face. However, the actions of Avdeev and Yashchuk have already been characterized by Filipino authorities as unprecedented, considering the use of insider information to plan and execute the theft of cryptocurrency assets.
Philippine Justice Minister Jesus Remulla commented on the situation by saying, «This case underscores the evolution of hackers’ strategies and the need for constant improvement of security measures in the cryptocurrency industry.»
The future of cryptocurrency platforms and the need for enhanced security
This incident raises important questions about the security of cryptocurrency platforms and the necessity of implementing more reliable protection systems. A theft of this magnitude demonstrates that even high-tech companies can fall victim to carefully planned attacks, highlighting the need to actively combat cyber threats in the cryptocurrency industry.
In light of these events, cryptocurrency platforms must pay increased attention to strengthening their security systems to prevent similar incidents in the future and protect the assets and data of their users.
