Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
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

Carv can be used for transactions!

August 10, 2025

Bitfinex Alpha | While the market is waiting for the catalyst, BTC is integrated and leverage falls.

August 4, 2025

Is it really possible to sell Memecoins?

July 29, 2025
Add A Comment

Comments are closed.

Recent Posts

FLOKI’s Valhalla MMORPG Storms U.S. Television With 60-Day National Commercial Blitz

August 11, 2025

A Global Initiative To Transform Crypto Education From The Ground Up

August 11, 2025

Cango Inc. Acquires 50 MW Bitcoin Mining Facility In Georgia, Laying Groundwork For Future Energy Strategy

August 11, 2025

SIM Mining Cloud Mining Allows Global Investors To Easily Earn BTC And DOGE Profits Using Just Their Smartphones (daily Income Of $23,999 USD)

August 11, 2025

MultiBank Group Delivers Record H1 Results With $209M Revenue And MBG Token Driving 7X Returns Since Launch.

August 11, 2025

The Animoca brand invests in a nice cat

August 11, 2025

Is Alt Season finally here, just as Ether Lee’s tearing and a small cap follows?

August 11, 2025

Flareonix airdrop is live! Under the share of 100m FXP today!

August 11, 2025

Carv can be used for transactions!

August 10, 2025

Ethereum (ETH), SEI (Sei), and Bonk (Bonk) gathered in July, but one token is prepared to dominate next.

August 10, 2025

Floki and OnDo expand their profits as Robinhood Listing strengthens.

August 10, 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

FLOKI’s Valhalla MMORPG Storms U.S. Television With 60-Day National Commercial Blitz

August 11, 2025

A Global Initiative To Transform Crypto Education From The Ground Up

August 11, 2025

Cango Inc. Acquires 50 MW Bitcoin Mining Facility In Georgia, Laying Groundwork For Future Energy Strategy

August 11, 2025
Most Popular

President Trump abolishes SAB 121 to allow banks to keep Bitcoin and cryptocurrency assets.

January 24, 2025

Hipposol, Solana-powered memecoin, announces $Hippos token presale round

April 24, 2024

Crypto Whale Gives Chainlink Boost After Accumulating Another $50,000,000 on LINK: Santiment.

December 3, 2023
  • 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.