Whale Alert, a vigilant tracker of significant crypto transactions, raised the alarm, claiming an astronomical transfer of over $147 billion in Ripple (XRP) coins to crypto behemoths Binance and Bitfinex.
But before we get into the sensational figure, let’s unpack the mystery behind this attention-grabbing headline.
The reported transfer immediately raised eyebrows in the crypto community because Ripple’s (XRP) total circulating supply is set at 54 billion XRP. The numbers simply didn’t add up, necessitating a closer look at the situation.
Bitfinex CEO Paolo Ardoino quickly addressed the situation, shedding light on what occurred. Bitfinex, according to Ardoino, was the target of a “Partial Payments Attack.”
The attacker attempted to exploit the ‘delivered_amount’ data field in this elaborate maneuver. Fortunately, Bitfinex’s strong security protocols and vigilant processing stopped the attack.
On closer inspection, it appears that the reported $147 billion in Ripple (XRP) coins were not transferred; rather, the attacker used deception.
The attacker used the “Partial Payments” feature to send a series of fraudulent transactions to Bitfinex and Binance. This feature allows the sender to deliver a smaller amount than what is specified, creating the appearance of a massive transfer.
Ava Patel's expertise lies in creating engaging and informative content about the latest trends and opportunities in the crypto space. Her writing is known for its clarity, accuracy, and ability to convey complex concepts in a way that is accessible to both novice and advanced readers.
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