Whale Alert, a vigilant tracker of significant crypto transactions, raised the alarm, claiming an astronomical <a href="https://optimisus.com/news/crypto-news/whale-transfers-47-million-xrp-to-crypto-exchanges/">transfer</a> of over $147 billion in Ripple (XRP) coins to crypto behemoths Binance and Bitfinex.   
But before we get into the sensational figure, let's unpack the mystery behind this attention-grabbing headline.   
The reported transfer immediately raised eyebrows in the crypto community because Ripple's (XRP) total circulating supply is set at 54 billion <a href="https://optimisus.com/news/crypto-news/ripple-unlocks-1-billion-xrp-tokens-what-does-this-mean-for-the-xrp-community/">XRP</a>. The numbers simply didn't add up, necessitating a closer look at the situation.   
Bitfinex CEO Paolo Ardoino quickly addressed the situation, shedding light on what occurred. Bitfinex, according to Ardoino, was the target of a "Partial Payments Attack."   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/paoloardoino/status/1746625178845471112?s=20 
 </div>
</figure>   
The attacker attempted to exploit the 'delivered_amount' data field in this elaborate maneuver. Fortunately, Bitfinex's strong security protocols and vigilant processing stopped the attack.   
On closer inspection, it appears that the reported $147 billion in Ripple (XRP) coins were not transferred; rather, the attacker used deception.   
The attacker used the "Partial Payments" feature to send a series of fraudulent transactions to Bitfinex and Binance. This feature allows the sender to deliver a smaller amount than what is specified, creating the appearance of a massive transfer. 
The post <a href="https://optimisus.com/news/crypto-news/over-147-billion-worth-of-ripple-xrp-coins-were-transferred-to-crypto-exchanges/">Over $147 billion worth of Ripple (XRP) coins were transferred to crypto exchanges</a> appeared first on <a href="https://optimisus.com">Optimisus</a>.

Over $147 billion worth of Ripple (XRP) coins were transferred to crypto exchanges

Optimisus

Other articles published on Jan 15, 2024

Top 3 Cryptocurrencies For Beginners To Start Investing On A High Note

Upcoming Token Unlock Events in the Crypto Market: Spotlight on FLOW

Bitpanda Partners with FC Bayern Munich: Win Tickets to the Big Game!

SUI and SEI See Price Hike as Celestia, Xai Projects Grow

Spot Bitcoin ETF: Vanguard Reps Apologizing for Lack of Crypto Vision

New spot ETF cash inflows less than 0.1% of bitcoin’s market cap

Join our free newsletter for daily crypto updates!