Ripple CTO David Schwartz has introduce oneself to address a recent incident involving XRP, Ripple’s native cryptocurrency.
Ripple CTO David Schwartz has introduce oneself to address a recent incident involving XRP, Ripple’s native cryptocurrency.
The issue began with a report of an abnormally large transaction of nearly $15 billion in XRP, which Schwartz clarified as misleading. The actual transaction, which involved 25.6 billion XRP, turned out to be worth only a few cents.
Schwartz praised Bitfinex and its CTO Paolo Ardoino for effectively neutralizing what was effectively an exploitation attempt.
Schwartz’s explanation
Schwartz took this opportunity to delve into the details of the XRP Ledger’s functionality, particularly addressing the Partial Payments feature, which was central to this incident.
He unequivocally stated that the incident was not due to any flaw or vulnerability in the XRP Ledger. Instead, he highlighted the usefulness and security of the Partial Payments feature when used correctly.
This feature, designed for complex financial transactions, allows you to specify a maximum amount that can be sent, ensuring that recipients are not deceived into receiving less than expected.
Schwartz praised Bitfinex for its proper handling of the feature, which was instrumental in preventing potential issues.
He highlighted the importance of proper setup and integration for all institutions and applications using XRPL’s Proper Payments feature, directing users to the official XRPL website for guidance on secure integration.
The mystery of the XRP “transfer”
This story began when a transaction involving a staggering amount of XRP raised alarms within the crypto community.
The size of the transaction, which represented almost half of the circulating supply of XRP, sparked intense speculation and confusion.
Voices within the crypto community, including Scott Melker and Adam Cochran, questioned the legitimacy and security implications of such a massive transfer.
