Hacker’s Attempt To Steal Over $15 Billion in XRP From Bitfinex Fails

Hacker’s Attempt To Steal Over $15 Billion in XRP From Bitfinex Fails

SecurityExchange

By Miles

15 Jan 2024 (6 months ago)

1 min read

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Bitfinex CEO reveals failed hacking attempt using XRP Ledger; nearly $15B in XRP targeted.

It was recently revealed by the CEO of Bitfinex, Paolo Ardoino that there was an attempt to exploit their system using a feature of the XRP Ledger network. The hackers' attempt to move nearly $15 billion in XRP ( half of XRP’s total value) was noticed.

However, the attempt was unsuccessful and the actual transaction was just a few cents of XRP, the attempt failed because the sender didn't have enough money to carry out the transactions. The aim was likely to trick Bitfinex into thinking the transfer was real, which could lead to a hack. Bitfinex's system recognized the transfer as a "partial payment," a feature in XRP Ledger where payments can be reduced.

Ardoino mentioned on social media that the attack tried to use the "Partial Payments Exploit" but failed. Partial payments are meant to return payments cheaply but can be misused. If a financial organization thinks the full amount in a Payment field is always received,  the organization can be tricked into losing money.

Security issues are a big problem in the crypto market. According to reports, people lost almost $2 billion to scams and hacks in 2023.

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