Ripple’s Chief Technology Officer, David Schwartz, has stepped forward to address a recent incident involving XRP, the native cryptocurrency of Ripple.
The problem arose from a report highlighting an unusually large transaction of almost $15 billion worth of XRP. Schwartz clarified that this information was misleading, as the actual transaction involved 25.6 billion XRP and was worth only a few cents.
Schwartz commended Bitfinex and its CTO Paolo Ardoino for effectively thwarting what turned out to be an exploit attempt.
Schwartz’s clarification delved into the specifics of the XRP Ledger’s functionality, with a particular focus on the Partial Payments feature, central to the incident. He emphatically stated that the incident did not result from any flaw or vulnerability in the XRP Ledger. Instead, it underscored the utility and security of the Partial Payments feature when employed correctly.
The feature, designed for intricate financial transactions, allows the specification of a maximum amount to be sent, preventing receivers from being deceived by receiving less than expected.
Schwartz praised Bitfinex for appropriately handling this feature, which played a crucial role in averting potential issues. He highlighted the significance of proper configuration and integration for all institutions and applications utilizing the XRPL’s Partial Payments feature, directing users to the official XRPL website for guidance on secure integration.
The saga of the XRP “transfer” unfolded when a transaction involving a substantial amount of XRP triggered concerns within the crypto community. The transaction’s scale, constituting nearly half of XRP’s circulating supply, led to widespread speculation and confusion.
Key figures in the crypto community, including Scott Melker and Adam Cochran, raised questions about the legitimacy and security implications of such a massive transfer.
