$147 Billion worth of XRP transactions to crypto exchanges (Partial Payments Attack)

Someone tried to manipulate the trade price of XRP cryptocurrency via high volume fake transaction details but failed.

On 15 Jan 2024, An unknown person deposited a small amount of XRP on the Bitfinex & Binance crypto exchange using the “Partial Payments” feature, which allows the sender of a payment transaction to deliver less than the specified amount.

Following this big fake amount of transaction activity, a Crypto whale transaction tracker website WhaleAlert platform confused & reported that Whale deposited $147 billion worth of XRP coin on the Bitfinex & Binance exchange.

Notably, the current total market cap of XRP coin is $31.7 billion which means it was a fake illusion, which was created by an unknown person.

This cannot be real.

The circulating supply of $XRP is roughly 54b.

This is almost half of that. From one wallet. In one transaction. https://t.co/Y8D2ERDKTA

— The Wolf Of All Streets (@scottmelker) January 14, 2024

In response, Bitfinex’s CTO responded & confirmed that someone tried to attack Bitfinex via a partial payment attack but Bitfinex handled the attack via perfect processing of the actual payment amount data.

Someone attempted to attack @bitfinex via "Partial Payments Exploit".
Attack failed since Bitfinex properly handles 'delivered_amount' data field.https://t.co/EiGw9UQmmq

(updated with better gif) https://t.co/8I7vlO05ou pic.twitter.com/DxOnJLLkhU

— Paolo Ardoino (@paoloardoino) January 14, 2024

A sudden up & down in the XRP trade price shows that the attacker succeeded at some level in manipulating the trade price.

XRP vs Sol 

As we know Solana (Sol) coin surpassed XRP coin in terms of total market cap in Dec 2023, so Hong Kong Virtual Asset Consortium (HKVAC) removed Ripple’s XRP from its top five global cryptos idexes & replaced it with Solana (SOL).

In Q3 & Q4 2023, XRP was the top trending crypto asset for this innovative sector because of the better news around XRP coin from Ripple vs SEC lawsuit developments. 

XRP is one & only one single Cryptocurrency, after Bitcoin, which is a commodity in the US, as the court ruled in favour of Ripple (XRP). 

People believe that 2024 is a very big opportunity for the XRP coin to show big rallies, which was expected in the 2021 rally but failed because of the SEC’s suit against Ripple Labs. 

Read also: BlackRock purchases 11,500 Bitcoins, supply crunch coming?