Ripple CTO Sets Record Straight After Failed XRP Hack
Responding to the recent failed Bitfinex exploit, Ripple CTO maintains the XRP Ledger is secure while blasting sensational reporting.
• Hackers attempted to steal 25 billion XRP from Bitfinex. • Ripple CTO shuts down talk that billions of XRP were ever at risk. • The exploit relies on unconfigured XRP Ledger integrations.
Cryptocurrency hacks remain an unchecked plague on the industry, with 160 successful attacks in 2023, netting thieves nearly $1.7 billion in stolen funds. However, January 14 saw cybercriminals fail in their attempt to exploit the Bitfinex exchange via the XRP Ledger’s “partial payments” feature. Regarding the attack, Ripple CTO David Schwartz maintained that the XRP Ledger is not inherently flawed or vulnerable.
Ripple CTO Dismisses Talk of XRP Ledger Vulnerability Schwartz moved swiftly to shut down rumors in a recent tweet that the XRP Ledger is inherently flawed or that billions in XRP were ever at risk. The Ripple CTO stated that the partial payments “feature is a standard and secure financial tool” and that media coverage of “billions of XRP moved” was misleading sensationalism as the amount transferred amounted to just a few cents.
Schwartz praised Bitfinex for handling the incident appropriately by following Ripple’s guidelines for secure configuration and integration of the partial payments function, thus stopping the attempted exploit from ever occurring. With that, Schwartz reminded institutions that “proper configuration and integration cannot be understated.”