Whale Alert sent shockwaves through the market by reporting an alleged transfer of over $147 billion worth of Ripple (XRP) coins to major exchanges, Binance and Bitfinex. However, as skepticism grew over the astronomical figure, it became apparent that the situation was far from what it seemed.
The False Alarm: A Closer Look at Whale Alert’s XRP Claim
Upon deeper scrutiny, it became evident that the reported transfer of $147 billion XRP was simply not feasible. The total circulating supply of XRP stands at 54 billion, making the reported amount highly implausible. Bitfinex CEO Paolo Ardoino stepped forward to shed light on the matter, revealing that the incident was a result of a “Partial Payments Attack.”
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The Partial Payments Attack Unveiled
Bitfinex CEO Ardoino disclosed that the attempted attack on the exchange utilized a tactic known as the “Partial Payments” feature. This feature enables the sender of a payment transaction to deliver an amount less than the specified total. In this case, the attacker exploited the system by sending over $147 billion worth of fraudulent XRP transactions to Bitfinex and Binance. Fortunately, Bitfinex’s robust processing mechanisms prevented the attack from succeeding.
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Conclusion
In the fast-paced and dynamic world of cryptocurrencies, misinformation and false alarms can quickly lead to confusion and market turbulence. The recent incident involving Whale Alert’s claim of a $147 billion XRP transfer underscores the importance of verifying information before reacting. As the cryptocurrency community continues to evolve, users and platforms alike must remain vigilant against potential threats and attacks, ensuring the integrity and security of the digital assets involved.
