In the Southeast Asian state of the Philippines, a lawsuit was filed against two Russian citizens who stole $6.2 million worth of XRP from the local stock exchange.

The Philippine Department of Justice said in a statement that two Russian citizens were arrested by local cryptocurrency exchanges Coins. ph Bitcoin. He said he stole 12.2 million XRP worth a total of $6.2 million from Com.

According to the charges filed in the Taguig District Court, the defendants Vladimir Evgenevich Avdeev and Sergey Yaschuck are accused of hacking into the exchange’s system to commit theft.

Avdeev and Yaschuck, former advisors of local cryptocurrency exchange Coins.ph, allegedly infiltrated the exchange’s systems, resulting in the theft of 12.2 million XRP worth PHP 340 million ($6.2 million).

In his statement, Minister of Justice Jesus Remulla emphasized his determination to protect the rule of law in cyberspace and stated that investors should be careful about the tactics developed by cybercriminals to benefit from technological developments.

*This is not investment advice.