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Bitfinex fends off a $15 billion attack attempting to hack the exchange

Market and Events: Bitfinex fends off a $15 billion attack attempting to hack the exchange

On January 14, 2024, Paolo Ardoino, Chief Technology Officer (CTO) of Bitfinex, made an announcement about a cyberattack on the exchange.

The attacker attempted to exploit a vulnerability known as "partial payments" to gain access to funds.

According to Ardoino, the hacking attempt was ultimately unsuccessful and users can rest assured that their funds are safe.

Ardoino further explained that the alleged transaction, which involved about $15 billion worth of #XRP tokens, turned out to be a fraudulent scheme. An unknown person attempted to manipulate the deposit by sending a significantly smaller amount and falsely labeling it as a partial payment.

News of the significant XRP transfer originally appeared on Whale Alert's Page X. Analysts pointed to the transfer of 25.6 billion XRP, which was almost half of the total coins in circulation.

Bitfinex fends off a $15 billion attack attempting to hack the exchange
Information about the transfer of 25.6 billion XRP to the Bitfinex exchange. Source: X Whale Alert

However, the post was later deleted as Whale Alert recognized that Ripple had misinterpreted the data, leading to the spread of inaccurate information.

In addition to the attack on #Bitfinex, there were reports that the attacker also attacked another cryptocurrency exchange, #Binance, with a fake transfer of 58.9 billion XRP. Fortunately, this attack attempt also failed.

It's worth noting that a similar vulnerability known as "partial payments" was previously exploited in 2019 on the #BitoPro exchange, leading to the withdrawal of around 7 million XRP. The #Bitrue platform team provided a detailed explanation of how the exploit works.

In addition, in September 2023, the #CoinEx cryptocurrency exchange fell victim to a cyberattack that resulted in the loss of $53 million. Also, unknown people managed to withdraw XRP worth more than 6 million dollars from the #Coins.ph platform.

Thus, Bitfinex successfully prevented the hacker attack by effectively eliminating the "partial payments" vulnerability. The attacker's attempt to manipulate funds through fraudulent transactions failed. This incident serves as a reminder of the importance of strong security measures when working with cryptocurrencies.

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