Cryptocurrency company Coins.ph assured its users that their funds are well-kept and has tightened its security protocols after a data breach that affected some users in October last year.
Reports said that the company lost over 12 million XRP tokens in the hacking, however, the company clarified that the user assets have remained untouched and that it only affected a subset of users’ personal information.
Moreover, Jen Bilango, the country manager of the said company, promised that they will continue to be “more secure,” saying that they have rolled out FacePass, a mandatory client identification and verification process, and other kinds of security enhancement as preparation.
“So, I think for us, and in any type of national institutions, security will be our most important concern, and you have our promise that customer funds will always be safe,” Bilango said on Thursday, Jan. 25, at a press briefing held in Taguig City.
She believes that security is an evolving landscape but they have adapted to it and maintained their services.
Meanwhile, Coins.ph’s CEO, Wei Zhou, also admitted that 2023 had been a challenging year for technology companies, government agencies, and other businesses when it comes to cybersecurity.
Zhou said that all must go through certain “growing pains” in dealing with these, and human error can play a contributing factor in security failure.
“It’s not just about technology, it’s not just about infrastructure, there’s human elements, there’s physical elements—there’s basically just different elements to it,” He said.
Supporting Bilango’s statement, he said that the company has already invested a lot in upgrading their security infrastructure and people.
“We didn’t have any major outages in terms of services and that all of our user assets are safe,” he added.