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Home»TRADING NEWS»Bitfinex responds to attack attempt and blocks XRP rumors
TRADING NEWS

Bitfinex responds to attack attempt and blocks XRP rumors

By Crypto FlexsJanuary 14, 20243 Mins Read
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Bitfinex responds to attack attempt and blocks XRP rumors
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It appears that the situation is not exactly as initially perceived, after a now-deleted post from

Wolf of All Streets, a well-known cryptocurrency commentator, raised concerns due to transactions occurring primarily from a single wallet. This situation poses risks to all assets as it can be potentially problematic for one individual to have significant control over the liquidity of the asset.

Bitfinex CTO Sets the Record Straight on XRP Rumors

Bitfinex Chief Technology Officer Paolo Ardoino went to

“Someone attempted to attack Bitfinex via a “partial payment exploit.” The attack failed because Bitfinex correctly handles the ‘delivered_amount’ data field.”

He was prompted to do so after numerous reports swirled online of a large transaction, i.e. nearly 50% of XRP’s total supply was sent to the exchange through one wallet in a single transaction.

It was originally discovered by the prominent account Whale Alerts. “This can’t be real,” Wolf of All Streets told his 932,500 followers.

“XRP’s circulating supply is approximately 54 billion. This accounts for almost half. In one wallet. “In one transaction.”

Investors holding cryptocurrency assets become concerned when a single wallet accounts for most of the supply. This is because it gives the holder significant power and control over the entire market.

If holders sell all their assets at once, this could have a significant impact on the price of XRP.

At the time of publication, the price of XRP is $0.59.

XRP price chart 1 month. Source: BeInCrypto

Read more: How to Make Money in Cryptocurrency: Top 4 Ways to Make Money in 2024

Rumors that an XRP ETF is in the works

This is a major concern for the cryptocurrency community. This is because there is speculation about the possibility of approval of the XRP Exchange Traded Fund (ETF). The US SEC decided last week to approve 11 spot Bitcoin ETFs.

On January 8, BeInCrypto reported that there were predictions that Fidelity could launch an ETF product by April 2024. Approval could also potentially come before the end of 2024.

However, this is not the first time XRP has been exposed to false news.

Last year, news broke that BlackRock had filed a fake XRP ETF, sending the asset’s price soaring 10%.

Read more: How to evaluate cryptocurrencies through on-chain and fundamental analysis

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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