Ripple CTO David Schwartz has clarified a recent incident of 25 billion XRP transaction attempt that sought to exploit Bitfinex using the XRP Ledger’s partial payments feature.
Key Takeaways
- Ripple CTO David Schwartz addresses the recent incident involving an attempted 25 billion XRP transaction on Bitfinex, highlighting the misleading nature of reports that billions of XRP moved.
- The attackers utilized the XRP Ledger’s partial payments feature in an attempt to exploit Bitfinex.
- David Schwartz emphasizes that the XRPL’s Partial Payment flag is a secure feature, not a vulnerability.
- The report explains how the partial payments exploit works, wherein attackers specify a large amount in the “Amount” field but send a much smaller amount.
25 Billion XRP Transaction
Ripple CTO David Schwartz has provided clarity on the recent incident involving an attempted 25 billion XRP transaction on Bitfinex.
Initial reports suggested a significant movement of XRP, potentially the largest transaction in history, but further investigation revealed an unsuccessful exploit attempt using the XRP Ledger’s partial payments feature.
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Bitfinex’s Correct Handling of the Situation
Bitfinex CTO Paolo Ardoino acknowledged the exploit attempt on Bitfinex, highlighting that the attackers sought to manipulate the XRPL’s partial payment feature. Fortunately, Bitfinex correctly handled the situation by focusing on the “Delivered Amount” rather than the misleading “Amount.”
Addressing misleading headlines, David Schwartz clarified that the actual amount moved in the transaction was valued in cents, not billions.
To Conclude
The attempted exploit on Bitfinex involving a 25 billion XRP transaction has been clarified by Ripple CTO David Schwartz. The incident, marked by misleading reports, underscores the importance of vigilance and proper configuration for institutions and applications.
The secure nature of the XRPL’s Partial Payment feature was emphasized, highlighting the need for awareness in handling potential exploits and ensuring the integrity of transactions.
