The Philippine Department of Justice (DOJ) has charged two Russian nationals with stealing PHP340 million ($6.2 million) worth of XRP cryptocurrency from a local crypto exchange. The suspects allegedly hacked Coins.ph’s system to commit the theft. The DOJ emphasized the importance of vigilance against cybercrime despite ongoing efforts to combat these threats.
Philippine DOJ Charges Russians in PHP340 Million Crypto Heist
The Philippines’ Department of Justice (DOJ) announced last week that criminal charges have been filed against two Russian nationals for the theft of PHP340 million (approximately $6.2 million) in cryptocurrency XRP from a local dealer. The accused, Vladimir Evgenevich Avdeev and Sergey Yaschuck, face allegations under Republic Act No. 10175, the Cybercrime Prevention Act of 2012, according to the charges submitted to the Taguig Regional Trial Court.
Avdeev and Yaschuck, former consultants for the Philippine crypto exchange Coins.ph under Betur Inc., allegedly infiltrated the company’s systems, resulting in the theft of 12.2 million XRP, valued at over PHP340 million. Coins.ph, which handles remittances, money transfers, and foreign currency exchanges, identified the breach after noticing unusual login activity. The platform’s investigation pointed to the suspects’ comprehensive knowledge of the network infrastructure and security measures.
Justice Secretary Jesus Remulla emphasized the DOJ’s commitment to maintaining the rule of law in cyberspace. “It is the DOJ’s mandate to assure the Rule of Law is upheld at all times, and this extends even in cyberspace,” he stated. He warned of cybercriminals’ evolving tactics to exploit technological advancements and underscored the importance of vigilance.
Avdeev faces 23 counts of cybercrime, with bail set at PHP120,000 per count, while Yaschuck faces three counts with the same bail conditions. The suspects allegedly attempted to launder the stolen funds through various cryptocurrency platforms to mask their origin and avoid detection.
Source: Bitcoin
