- Ripple’s CTO has debunked reports of an attempted exploit involving billions of XRP on Bitfinex.
- Schwartz explained that the reported information was misleading, and the hacker only transferred XRP worth a few cents.
- Schwartz commended Bitfinex and its CTO, Paolo Ardoino, for effectively neutralizing the exploit attempt.
Ripple’s CTO David Schwartz has debunked reports of an attempted exploit involving billions of XRP on crypto exchange Bitfinex. According to Schwartz, the reported information is misleading, and the hacker only transferred XRP valued at a few cents.
Schwartz commended Bitfinex and its CEO and CTO, Paolo Ardoino, for effectively neutralizing the exploit attempt. He explained that what happened wasn’t a flaw or vulnerability with the XRP Ledger. Rather, the Partial Payments feature is a standard and secure financial tool he said. According to him, Bitfinex handled it properly, which is why they were able to prevent any potential issues.
Furthermore, Schwartz noted that the “thwart” reminds all institutions and applications of the importance of proper configuration and integration. He believes that properties like XRPL’s Proper Payments feature cannot be understated.
Reports emerged on Monday that a hacker used a feature of the XRP Ledger network in an unsuccessful exploit on Bitfinex. Ardonio confirmed the attempt, noting that it failed since Bitfinex “properly” handles the ‘delivered_amount’ data field.
The blockchain tracker WhaleAlert initially posted on X that an attempted exploit involved 25 billion XRP. The tracker has since deleted the post after verified information revealed that it was a partial payment that involved just a few cents. WhaleAlert’s code misunderstood the technicalities of the transaction, according to NIKB on X.
The reported exploit did not significantly impact XRP’s price, which continued to trade in a tight range throughout the day. The blockchain token opened trading on Monday at $0.57672 and closed at $0.57539, according to data from TradingView. It traded for $0.57440 as of the time of filing this report.
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