Bitfinex CEO Paolo Ardoino recently revealed a failed attempt by a hacker to exploit his system using a resource on the XRP Ledger network.
In the exploit, attackers attempted to move almost US$15 billion in XRP, equivalent to half of the cryptocurrency’s total value. However, the exploitation attempt was thwarted, with the criminals only obtaining a few cents of XRP from the transaction. The hack resulted in a failure because the sender did not have enough balance for the transactions to be carried out.
In a post on the X application, Ardoino confirmed the attempted exploitation:
“Someone tried to attack @bitfinex via “Partial Payments Exploit”. The attack failed because Bitfinex correctly handles the ‘delivered_amount’ data field.”
Someone attempted to attack @bitfinex via “Partial Payments Exploit”.
Attack failed since Bitfinex properly handles ‘delivered_amount’ data field.https://t.co/EiGw9UQmmq
(updated with better gif) https://t.co/8I7vlO05ou pic.twitter.com/DxOnJLLkhU
— Paolo Ardoino 🍐 (@paoloardoino) January 14, 2024
At the time of publication, the price of XRP was quoted at US$0.5775 with an increase of 0.3% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$992,398,201.
The exploit was intended to make the Bitfinex platform treat the transfer as real, which could lead to a hack. However, the platform’s system ended up recognizing the criminals’ transfer as a “partial payment”, which is a feature of the XRP Ledger in which payments can be reduced.
Crucial ‘fixReducedOffersV1’ Update Promises Significant Improvements to XRP Ledger
As the activation of the ‘fixReducedOffersV1’ change in the XRP Ledger (XRPL) approaches, the cryptocurrency landscape is witnessing a decisive moment. More than 80% of validators have already given their approval, signaling a strong consensus in the community. This update, part of the XRPL v1.12.0 release, is seen as an important milestone in the ongoing development of XRPL.
The ‘fixReducedOffersV1’ update is primarily aimed at improving the efficiency of offers on decentralized exchanges (DEX) operating on XRPL. Specifically, it aims to mitigate the problem of reduced bids clouding order books, facilitating a more transparent and efficient trading experience.
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