Philippines Prosecutes Russian Duo Over $6.2 Million XRP Fraud
The Philippine Department of Justice (DOJ) has filed charges against two Russian nationals, Vladimir Evgenevich Avdeev and Sergey Yaschuck, for allegedly stealing PHP340 million ($6.2 million) worth of XRP cryptocurrency from the local exchange Coins.ph.
The accused, former consultants for Coins.ph, are accused of hacking into the exchange’s systems and stealing 12.2 million XRP. The DOJ invoked the Cybercrime Prevention Act of 2012 in their charges, highlighting the severity of the cyber theft. Justice Secretary Jesus Remulla emphasized the DOJ’s commitment to upholding the rule of law in cyberspace and warned of evolving cybercrime tactics.
Avdeev faces 23 counts of cybercrime, while Yaschuck faces three, each with PHP120,000 bail per count. The suspects allegedly attempted to launder the stolen funds through various cryptocurrency platforms to evade detection.
Clever Robot News Desk 16th July 2024
