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- 1 Exploiter tried to breach Bitfinex using “Partial Payments Exploit.”- Chief Technology Officer of Bitfinex.
- 2 The failed transaction amounts to 27.77% of the total circulating supply of XRP.
- 3 Over $1 Billion in crypto went out of the crypto market in the financial year 2023.
The Chief Technology Officer of Bitfinex, Paolo Ardoino posted on his ‘X’ that some exploiter tried to breach Bitfinex using “Partial Payments Exploit.” However, the attack failed due to the extra advanced way the exchange uses to safeguard data.
A massive transaction of $15 Billion XRP was processed from an unknown wallet to Bitfinex, but due to some reasons the initiated translation could not be completed. The failure of a transaction will get a positive reputation for the exchange in the market in terms of security.
As per CoinMarketCap the overall circulating supply of XRP is 54 Billion, the amount that was processed by unknown wallets is estimated at 27.77% of the entire circulating supply of the XRP.
However, after deleting the post, Whale Alert reposted that there was “an issue with properly reading the Ripple node responses, resulting in a few wrong posts.”
A similar event with Binance, the leading cryptocurrency exchange occurred on January 14, 2024, where attackers tried to do the same process, which was carried on Bitfinex. Yet, it is crucial to note that the exploit failed.
Crypto Market Overview
In the past years, hackers have troubled the crypto industry at its verge and millions of users lost their funds, even the leading firms were also affected by these exploits. As per security and blockchain analysis firms over $1 Billion funds in crypto went out of the market in 2023.
However, the total lost funds in 2023 are much more than what the market lost in 2022 and 2021 similarly. With due respect to advancement in blockchain technology, the process of committing frauds and scams has also evolved significantly.
The market was flourishing before the Bitcoin spot ETF approval. The most valuable crypto asset, Bitcoin, was about to break the resistance level of $49k. A sudden reversal occurred in the price after the approval of the ETF by the U.S. SEC.
The approval took place two days ago and the crypto price is still struggling.
However, on the first day of the market, the ETF hype gathered over $400 Million in the market.
However, some analysts claim that 30% of the price of crypto was derived from the entry of BlackRock and other leading traditional and non-traditional financial giants.
On the day of the decision over ETF approval, Bitcoin was skyrocketing and the movement continued till the next day of approval. It earned popularity and invited over $450 Million in the market.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
