Ripple CTO David Schwartz on Ripple’s native cryptocurrency XRP Discuss a recent incident involving the token took. The problem began with the reporting of an abnormally large transaction of approximately $15 billion worth of XRP, which Schwartz described as misleading. It turned out that the transaction, which actually contained 25.6 billion XRP, was worth just a few cents. Schwartz praised Bitfinex and its CTO Paolo Ardoino for effectively neutralizing what was essentially a hacking attempt.
Schwartz’s Statement
Schwartz used this opportunity to go into detail about the XRP Ledger’s functionality, specifically touching on the Partial Payments feature that is at the center of this event. He firmly stated that the incident was not caused by any flaw or security vulnerability in the XRP Ledger. Instead, he emphasized the utility and security of the Partial Payments feature when used correctly.
Designed for complex financial transactions, this feature allows setting the maximum amount that can be sent, ensuring recipients are not deceived by receiving less than expected. Schwartz praised Bitfinex for correctly using this feature, which is effective in preventing potential problems. He emphasized the importance of proper configuration and integration for all institutions and applications using XRPL’s Convenient Payments feature, directing users to the official XRPL website for guidance on secure integration.
Koinfinans.com As we reported, the size of the transaction, which accounts for nearly half of XRP’s circulating supply, has led to intense speculation and confusion. Including Scott Melker and Adam Cochran crypto- Voices within the community questioned the legitimacy and security implications of such a major transfer.