Philippine DOJ Charges Russians in PHP340 Million Crypto Heist

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.

Two Russian nationals have been charged by the Philippine Department of Justice (DOJ) with stealing PHP340 million ($6.2 million) in XRP cryptocurrency from a local crypto exchange.

The suspects, Vladimir Evgenevich Avdeev and Sergey Yaschuck, are accused of hacking Coins.ph’s system to carry out the theft, according to the charges filed with the Taguig Regional Trial Court last week.

Avdeev and Yaschuck, who were former consultants for Coins.ph, are alleged to have breached the crypto exchange’s system and stolen 12.2 million XRP, which was valued at the time at over PHP340 million.

Coins.ph, which facilitates remittances, money transfers, and foreign currency exchanges, discovered the breach after detecting unusual login activity. An investigation by the platform revealed that the suspects had extensive knowledge of the network infrastructure and security measures.

DOJ Secretary Jesus Remulla highlighted the DOJ’s role in 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 said.

The Justice Secretary noted the evolving tactics used by cybercriminals to exploit technological advancements and stressed the importance of vigilance against these threats despite ongoing efforts to combat them.

Avdeev’s bail has been set at PHP120,000 for each of the 23 counts of cybercrime he faces, while Yaschuck’s bail is set at PHP120,000 for each of the three counts he faces.

The suspects are accused of attempting to launder the stolen funds through several cryptocurrency platforms in an effort to conceal their origin and avoid detection.

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