After a now-deleted post on
Popular cryptocurrency commentator “Wolf of All Streets” raised concerns primarily because the transaction appeared to originate from a single wallet. This situation poses a risk to any asset, as having a single individual who has significant control over the liquidity of the asset can be problematic.
Bitfinex CTO sets XRP rumors straight
Paolo Ardoino, chief technology officer at Bitfinex, took to X (formerly Twitter) to confirm to his 217,100 followers that there was an attempted attack on the cryptocurrency exchange.
“Someone attempted to attack Bitfinex via a ‘fractional payments exploit’. The attack failed because Bitfinex correctly handles the ‘delivered_amount’ data field.”
He was asked to do this after numerous reports spread online that a huge transaction, nearly 50% of the total XRP supply, was sent by a single wallet in a single transaction to the exchange.
Originally spotted by Whale Alerts. “This can’t be real,” the “Wolf of All the Streets” told his 932,500 followers.
“The circulating supply of XRP is about 54 billion. That’s almost half of that. From one wallet. In one trade.”
Investors who own crypto assets become concerned when one wallet holds the majority of the supply. This is because it gives its holder great power and control over the entire market.
The potential consequences of the owner selling all of these assets at once could have a significant impact on the price of XRP.
At press time, the price of XRP is $0.59.
Read more: How to make money with cryptocurrency: 4 best ways in 2024
Rumors of an XRP ETF in the works
This is a major concern for the crypto community. This is because there is speculation about the possibility of approval for an XRP exchange-traded fund (ETF). The US Securities and Exchange Commission made the decision to approve 11 Bitcoin ETFs last week.
On January 8, BeInCrypto reported that there were predictions that Fidelity might launch an exchange-traded product by April 2024. Furthermore, it would likely see a green light before the end of 2024.
However, this is not the first time XRP has been hit by fake news.
Last year, news of a fake XRP ETF deposit by BlackRock sent the asset’s price up 10%.
Read more: How to evaluate cryptocurrencies through fundamental and on-chain analysis
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