tl;dr
Renowned Ripple CTO David Schwartz recently addressed a 25 billion XRP transaction attempt that sought to exploit Bitfinex by leveraging the XRP Ledger (XRPL) partial payments feature. The false alert from Whale Alert, which gave the impression of a successful transaction, caught the eye, but it was...
Renowned Ripple CTO David Schwartz recently addressed a 25 billion XRP transaction attempt that sought to exploit Bitfinex by leveraging the XRP Ledger (XRPL) partial payments feature. The false alert from Whale Alert, which gave the impression of a successful transaction, caught the eye, but it was later revealed that the transaction was unsuccessful. Despite headlines suggesting otherwise, Schwartz clarified that the actual amount moved was valued in cents, not billions. The attack was unsuccessful due to Bitfinex's correct handling of partial payments. The exploit works by specifying a large amount but sending a much smaller amount, and malicious actors can defraud merchants using this method.
The Crypto Basic disclosed yesterday that Whale Alert, a leader in whale tracking services, erroneously sent out an alert for a 25 billion XRP transaction, giving a false impression that the transaction was successful. However, it was discovered that the transaction was unsuccessful, despite moving nearly half of XRP’s total circulating supply. Bitfinex CTO Paolo Ardoino noted that the transaction was an exploit attempt on Bitfinex and praised the exchange for effectively neutralizing the effort. Attackers leveraged the XRPL’s partial payment feature, allowing them to specify a large amount but send a much smaller amount. The exploit failed due to Bitfinex's correct handling of partial payments, and Schwartz emphasized that this was not a flaw or vulnerability with the XRP Ledger.
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