•Bitfinex successfully thwarted an attempt by an attacker to embezzle Ripple worth approximately $15 billion. Chief Technology Officer, Paolo Ardoino confirmed. The incident was described as a failed attempt to exploit the partial payments feature.
•What happened with Bitfinex? In a recent incident, blockchain tracking account Whale Alert initially reported a large transfer of 25.6 billion Ripple, roughly half of the circulating supply. From unmarked wallet to Bitfinex. However, Whale Alert later retracted the post, citing issues with accurately reading the Ripple node's response.
•Paolo Ardoino, CTO at Bitfinex, explained. On social media platform The attacker believes the trading platform has misconfigured its software to process partial payments, allowing for potential exploitation.
•The strategy for exploiting partial payments is based on the assumption that the company’s system only reads the “amount” field of the Ripple transaction. Which is set to a high value. The attacker then sends a much smaller amount. Specified in another transaction field, with the aim of obtaining a credit from the company for the difference.
•Arduino confirmed that the attack failed because “Bitfinex correctly handles the ‘delivered_amount’ data field.” In addition, blockchain data revealed that the attacker also attempted to launch a similar attack on Binance. Which involved transferring 58.9 billion Ripple, which also proved unsuccessful.
•Navigating Regulatory Challenges Last week, Bitfinex UK implemented crucial changes to the platform that require its customers to adopt the changed rules.
•In the latest announcement from the UK-based Bitfinex platform. The trading platform has implemented a major change affecting customers who registered their accounts on or after November 1, 2023. These users are no longer eligible to apply for individual account verification. With Bitfinex confirming that this policy is now permanent.
•This shift is not limited to individual investors, as crypto-currency investors are also covered by the new measures. Bitfinex now restricts account verification to “high net worth” individuals. Which suggests that traders must meet specific financial criteria. The trading platform may request additional documentation to verify compliance with current UK laws defining high net worth status.
•For existing customers, additional restrictions take effect from January 10. This group of investors is now unable to make new deposits. Or enter into new contracts, or increase existing margin positions on the trading platform. Despite these limitations. Existing Bitfinex UK customers retain the ability to reduce or close their positions and withdraw funds from the platform. Bitfinex has established a support line to assist users with inquiries and navigating through this service outage.
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