The Department of Justice (DOJ) in the Philippines has indicted two former consultants of Coins.ph, Vladimir Evgenevich Avdeev and Sergey Yaschuck, accusing them of orchestrating a sophisticated hack that resulted in the theft of 12.2 million XRP (CRYPTO:XRP), valued at approximately $7 million USD.

Leveraging insider knowledge from their consulting roles, the accused allegedly bypassed security protocols to gain unauthorised access to Coins.ph's network infrastructure.

The DOJ highlighted the complexity of the laundering operation that followed, aimed at obscuring the stolen funds' trail across multiple Bitcoin (CRYPTO:BTC) exchanges.

This case emphasises growing cybersecurity concerns in the Philippine crypto market and the need for robust security measures to combat insider threats and cybercrime.