25.6 Billion XRP Transaction Raises Concerns
A transaction involving a massive 25.6 billion XRP, valued at nearly $15 billion, caused alarm within the crypto community. The transfer was initially reported to have come from an unknown wallet and was sent to Bitfinex exchange. However, further investigation revealed that this was actually a failed attempt to exploit the “Partial Payments” function of the XRP Ledger.
Clarification from Whale Alert and Bitfinex CTO
Whale Alert, the blockchain tracking platform, acknowledged their mistake in reporting the transaction and clarified that there was an issue with reading the Ripple node response. Paolo Ardoino, CTO of Bitfinex, confirmed that someone tried to attack Bitfinex using the “Partial Payments Exploit,” but the attempt failed because Bitfinex handled the data field correctly.
The Exploit and Preventive Measures
The exploit lies in manipulating the “Partial Payment” feature to deceive exchanges and gateways. To prevent such exploits, platforms should use the “delivered_amount” metadata field instead of the Amount field to determine the actual amount transferred.
Similar Attempts on Other Exchanges
Data also revealed that similar failed attempts were made on Binance and Bitstamp exchanges. These transactions were part of the attacker’s strategy but did not result in significant transfers of XRP.
XRP Price Resilient Despite Incidents
Despite these incidents, the market price of XRP remained stable at $0.58. However, XRP bears showed strength with a close below a critical resistance level at $0.59. The bulls managed to defend the 200-day EMA though.
Hot Take: XRP Escapes Potential Security Breach
The recent transaction involving 25.6 billion XRP initially raised concerns over a potential security breach in the XRP Ledger. However, it turned out to be a failed attempt to exploit the “Partial Payments” function. This incident highlights the importance of using proper data fields to prevent such exploits. While XRP price remained stable, the bears showed strength with a close below a critical resistance level. Despite these challenges, XRP managed to avoid a security breach and maintain market stability.
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