Ripple: Bitfinex Thwarts $15 Billion XRP Attack

XRP's Impending Movement: Insights from Market Experts

In a recent cybersecurity triumph, Bitfinex, a leading cryptocurrency exchange, successfully countered an audacious attack aimed at manipulating $15 billion worth of XRP tokens. The exchange’s adept handling of transaction data played a pivotal role in neutralizing the threat.

Read also: Ripple Back in the Spotlight: Grayscale Adds XRP to $378M Fund, Sparks ETF Rumours

Attempted Exploit Unveiled

Blockchain tracking service Whale Alert first detected a noteworthy transfer of 25.6 billion XRP, nearly half of the circulating supply, from an anonymous wallet to Bitfinex. The transaction was later confirmed as part of an exploit attempt, which created significant ripples in the cryptocurrency community.

Bitfinex’s Response

Paolo Ardoino, Bitfinex’s CTO, took to social media to elucidate the situation. He disclosed that the exchange had been targeted by an attacker who presumed vulnerability to a β€œPartial Payments Exploit.” This technique relies on the assumption that a system only recognizes the β€œamount” field in an XRP transaction, overlooking the actual transferred amount.

Effective Defense Mechanism

Bitfinex’s robust defence centred around its effective management of the ‘delivered_amount’ data field. By accurately processing this crucial field, the exchange thwarted the attacker’s attempt to manipulate the system into crediting an amount surpassing the actual transferred value. Blockchain data also revealed a parallel attack on Binance, with a substantial transfer of 58.9 billion XRP. However, this assault, too, proved unsuccessful.

Proactive Regulatory Compliance Measures

Recent announcements underscored Bitfinex’s commitment to regulatory compliance. The exchange’s UK subsidiary implemented significant changes, mandating new customers registered after November 1, 2023, to comply with updated account verification policies. These measures specifically targeted “High Net Worth” individuals, showcasing a vigilant response to evolving UK laws.

Read article: XRP: Can it Reach $493 by 2050? Expert Predictions and AI Insights

Customer Impact and Continued Support

Existing customers faced additional limitations starting January 10, including restrictions on new deposits and trading activities. However, Bitfinex ensured continued support for these customers, facilitating withdrawals and position adjustments.

This recent incident highlights Bitfinex’s resilience against cyber threats and its commitment to maintaining a secure and compliant trading environment.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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