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Hello this is Matt on the moon Lambo Channel I'm covering just one Topic in This latest Moon Lambo Hot Jam it's been Broadly discussed on social media here And it's caused uh for good reason some Concern but more so I think a lot of Curiosity but whale alert which reports All sorts of transactions that occur on Chain uh reported that about 25 billion Xrp was transferred to a cryptocurrency Exchange now mind you that would be Truly alarming because that would be Almost half of the circulating supply of Xrp which I think is now somewhere in The neighborhood of 54 billion and then The total Supply uh that that could ever Exist would be 100 billion uh so that Would be that's a big ass number if That's true right now of course the Moment you see that you should think Well that doesn't sound right how how Could that possibly be where's that even Coming from because yes even Ripple yeah Sure Ripple has large largest individual Xrp holder obviously we know that but Almost all their Holdings are in escrow They don't have 25 billion floating Around so even then you should be like What the hell is going on here is there Something sneaky did we miss something What is actually happening here um so I'm going to share with you what Actually happened here and it as it does Turn out this was an attack it was an
Actual attack an attempt anyway to take Advantage of a cryptocurrency exchange But uh as far as the fears of 25 billion Flooding to an exchange uh which means That it could in theory then be sold to The market and crash the price of xrp no That's not what's going on here with Certainty it is not so I'll get you all The Deeds but before we going further I Do want to be clear I do not have a Financial background of any kind I am Not offering Financial advice and you Definitely should not buy or sell Anything because of anything I say all Right I'm just an Enthusiast to enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun all right so credit to the Crypt basic for doing a fantastic job on Covering this uh here's the headline uh From today 25 billion xrp transaction Question mark which is why I have this Inflection like this with the high pitch Voice here are the facts or actually Here are facts reads as follows whale Alert recently spotlighted the movement Of 25 billion xrp nearly half of xrp Circulating Supply to crypto Exchange Bitfinex in an attempt to exploit The Exchange touted as the most advanced Onchain whale tracking resource in the Industry whale alert might have Unknowingly caused a stir in the xrp Community with a recent erroneous
Disclosure the whale tracking tool Revealed in a post on X that an Unidentified wallet had moved and I'll Excuse the round number here 25 billion Xrp worth about 14 4.85 billion to Prominent cryptocurrency Exchange Bitfinex According to the disclosure the Transaction occurred yesterday at 1932 UTC and there you can see it's on the Screen and also also Irish Red crypto uh Was was sharing this with the community Had a screen grab there sharing it Himself and somewhere in here he also Tagged me so shout out and credit to Irish Red crypto thank you very much sir I do appreciate that and so it did Actually happen like whale alert Actually reported this and knowing that They're reputable and uh they have a Good system in place uh it it does cause You know causes one to pause now of Course upon seeing this my first Reaction was this ain't happening like There's some sort of mistake but my First assumption is that perhaps it's a Glitch that was my first guess um it Turns out that's not the whole story Though because there actually was an Attempt at an exploit so the story is Actually much more interesting than just A glitch so let's continue the piece Continues from the Crypt Basic uh this alert caused a stir within
The uh within the xrp community as it Represented the single largest xrp Transaction of all time so Folks just uh just just just take a Second to think about that the largest Transaction of all time I hope that not Too many people saw this and took it at Face value be like oh my God and then Panic Soul or something like that Because my God uh that that a what's Going on here sorry uh then they write In addition the transaction involved Nearly 50% of all the xrp tokens current In Circulation note that xrp has a Circulating supply of 54.2 billion Tokens a transaction of this magnitude Would without doubt cause a massive Impact on the price of xrp the fact that It purportedly involved an inflow to an Exchange compounded invest investor Angst as Market participants typically Send assets to exchanges for Sell-offs however shortly after the Disclosure the way whale alert X account Deleted its post on the movement the Team then sent out a statement an hour After the reported transaction occurred Confirming that it encountered an issue While attempting to read The xrp Ledger Node response they noted that as a Result of this issue the whale alert bot Sent out some wrong posts regarding xrp Movements the reported 25.6 billion xrp
Transaction was one of these erroneous Posts but again folks uh there's more to It than that it's not just that uh Information was uh pulled from The Ledger in a in some sort of incorrect Way and it's not the case that it's just Well alert that has you know a bad System in place resulting in this and Now there's this new St no no no it it Is an attempt at theft it actually is so Check this out piece continues Interestingly an investigation carried Out by the Crypt basic confirms that a Market participant did initiate the 25.6 Billion ion xrp transaction last night Data from xrp Explorer bitum suggests That the address in question was Activated by change now Yesterday the address initiated a 25.6 Billion xrp transaction shortly after Creating a trust line of $1 Billion however the transaction failed As its balance was not up to the Specified amount oh well go figure they Didn't have that full balance go figure They didn't have the full 25 billion xrp Color Me Surprised they write the following Nonetheless due to the technical issues With reading the xrpl node response the Whale alert bot flagged the transaction As successful and erroneously made a Disclosure on it as of press time the Address is currently inactive having
Been deleted today at 427 UTC and so Folks I I will note there are a lot of People thinking that uh either like you Know whale alert was hacked or or they Have some sort of Nefarious intent and I I I I understand why you know brains Could speculate this is a possible Scenario but if if if any of you thought That that was the most probable outcome I'm a little surprised by that that I Wouldn't for a moment think that was the Most probable outcome though I did see People speculate on that again not that It's crazy to bring that up uh you put All like let's as a community think of Through all the things that could Possibly be going wrong here that's fine I don't blame anybody for that but is That really what we so whale alert what Are they to what end like to what end They don't have the power well that Account on X they do not have the power Even though they're well followed and Well respected they don't have the power To fluctuate markets they just don't They can put out whatever that's that's True or false well it's proven by This it's not going to move anything They don't have that type of of of Notoriety or Prestige or whatever the Hell word you want to use it it's not The case here so already right there I Just it it wouldn't make sense to me so I just assumed it was a glitch but again
Like I said it was more interesting than That and that's where we get to the Attempted hack so check this Out uh Paulo ardoino the CTO of bitfinex Shed light on the purpose of the Transactions in a recent post on X According to ardoino an attacker Attempted to hack bitfinex with a Partial payments Exploit and um and the post I don't Really need to read it but that's the Actual post from on social media Platform X on the screen uh piece Continues notably on The xrp Ledger when A network participant is making a Payment there is an option called Partial payment that allows the sender To send less money than what is stated In the amount field a partial payments Exploit seeks to take advantage of the Xrpl flag by inputting a large amount in The amount field but instead of sending A much smaller amount the exploiter then Hopes that the recipient's system is Programmed to primarily focus on the Amount field instead of the delivered Amount field however Arduino confirmed That the attempted heck failed because The bitfinex system focused on the Delivered amount field as a result the Transaction was rejected interestingly The Crypt basic discovered that another Address attempted a similar exploit on Bitfinex involving multiple 50 billion
Xrp and 14 billion xrp transactions Yesterday they also attempted to exploit Binance with a similar hack involving 50 Billion xrp transactions okay and so They thought of a potential exploit uh Didn't pan out for the hackers and now We have all this uh you know disarray Within the xrp community and the Speculation and the news article so uh Wanted to put a hot jam out here so that All of you would be aware of the Specifics it ends up it is a big nothing But it's certainly fascinating and I Know the fact so again it wasn't some Sort of weird intent from whale alert uh They they yeah they can improve the way In which they report report on things With having to do with xrp transactions Moving forward hopefully they Implement That so we don't see this again uh but As far as this hack attempt I'd be Surprised if any major exchange today Would actually fall for this but they Gave it the old College tried didn't Those little Hackers well at least they didn't get Anything so sucks to Suck I'm not a financial adviser you Should not buy yourself anything because Of anything I say or right that would be A very very very bad idea until next Time to the Moon Lambo
