Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»BITCOIN NEWS»50% of XRP supply sent to Bitfinex? what actually happened
BITCOIN NEWS

50% of XRP supply sent to Bitfinex? what actually happened

By Crypto FlexsJanuary 15, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
50% of XRP supply sent to Bitfinex?  what actually happened
Share
Facebook Twitter LinkedIn Pinterest Email

Late in the evening of January 14th, the trading of a whopping 25.6 billion XRP (equivalent to approximately $15 billion) of XRP, almost half of the total circulating supply of approximately $54.26 billion, set off alarm bells in the cryptocurrency industry. This is an unknown wallet from the cryptocurrency exchange Bitfinex.

Was 25.6 billion XRP actually moved?

But further investigation exposed As confirmed by Bitfinex Chief Technology Officer (CTO) Paolo Ardoino, this was a failed attempt to exploit the “partial payment” feature of the XRP Ledger.

This incident was reported by Whale Alert, a famous blockchain tracking platform. reported This initial report, which was later retracted, caused a stir in the market and raised concerns about a potential security breach of the XRP ledger that could have a serious impact on the XRP market price.

Whale Alert acknowledged the reporting error with the following explanation: “There was an issue reading Ripple node responses properly, resulting in several incorrect posts. We solved the problem.” Paolo Ardoino, who is also CEO of Tether, commented on the incident: “Someone attempted to attack Bitfinex via a ‘partial payment exploit.’ The attack failed because Bitfinex properly handles the ‘delivered_amount’ data field.”

Ardoino also referenced a section on xrpl.org detailing partial payments. This feature of the

The exploit lies in the ability to manipulate this functionality to fool exchanges and gateways. An important factor in preventing this exploit is for the platform to use the ‘delivered_amount’ metadata field rather than the Amount field to determine the actual amount delivered.

In this particular case, the attacker only sent 16 XRP. This is in stark contrast to the reported 25.6 billion XRP. This small transaction triggered an alert in the on-chain monitoring system due to the way the Whale Alert system processes and reports transactions.

The attackers also attempted other exchanges.

Blockchain data also shows that similar attempts have failed at other popular cryptocurrency exchanges. Binance faced transfer attempts of 58.9 billion XRP, Bitstamp targeted With 26,200,000 XRP transferred. These transactions, like those targeting Bitfinex, were part of the exploiters’ strategy and did not result in significant amounts of cryptocurrency being transferred.

At press time, XRP’s market price has shown resilience to these events, remaining stable at $0.58. Nonetheless, XRP weakness returned to strength by yesterday’s weekly close. The price closed below the critical resistance of $0.59, which is the 0.5 Fibonacci retracement level. However, the bulls have at least managed to defend the 200-day exponential moving average (EMA).

XRP price, 1 day chart | Source: XRPUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Cardano is 4% away, saying that Hoskinson will break the Internet.

September 21, 2025

France can break the EU password market with ‘atomic weapons’.

September 15, 2025

Expect what XRP ETF is approved by the SEC

September 9, 2025
Add A Comment

Comments are closed.

Recent Posts

Linea Price Spikes 14% as Swift selects Linea for the pilot

September 27, 2025

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025

LYS Labs Moves Beyond Data And Aims To Become The Operating System For Automated Global Finance

September 26, 2025

Dexari Unveils $1M Cash Prize Trading Competition

September 26, 2025

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Linea Price Spikes 14% as Swift selects Linea for the pilot

September 27, 2025

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025
Most Popular

2025 seven best cloud mining platforms

March 2, 2025

3 signs that Ethereum price is ready to rebound towards $6,000

October 27, 2024

Trader has one of the most visible charts that Litecoin (LTC) currently updates Bitcoin and BNB Outlook.

February 16, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.