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

Sequans starts $ 384M Bitcoin Treasury Initiative with Swan Bitcoin Partnership.

June 23, 2025

ECB Chairman Lagarde aims to seize the global order to strengthen the Euro’s global position.

June 17, 2025

Bitcoin aims for $ 115K after US CPI data prefers investors.

June 11, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 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

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

NVIDIA’s AI Sales Assistant: Insight and Innovation

January 22, 2025

Bitcoin wallet wakes up after 12 years of dormancy and moves 500 coins

March 31, 2024

Binance Launches New ‘Learn & Earn’ Program Offering W Token Rewards

July 7, 2024
  • 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.