Cryptocurrency Exchange, Beaxy Targeted Again Through XRP Exploit 

Cryptocurrency News Today – Since the cryptocurrency market hit mainstream, organized cybercriminals have long sort a way to hack into this virtual currency. Malicious hackers desire digital assets because they are virtually untraceable and anonymous. The rate of cryptocurrency-related crimes has increased as cyber crooks have fine-tuned their methodology and machinations.

Ripple News Today – XRP News Today XRP Exploit And Beaxy Exchange

One such attack occurred recently when some cryptocurrency exchanges were hit by an XRP exploit. One of the exchanges hit was Beaxy Exchange, a recently formed cryptocurrency exchange. Ripple news today learned that Beaxy went on twitter to announce that a fix had been put in place and that the company was rolling back all trading activities to the moment the exploit was noticed. Beaxy also tweeted that the company had been able to identify all participants involved in the attack and would be pursuing legal actions against the hackers.

XRP (XRP) Price Today – XRP / USD

# Name Price24H %
3
ripple
XRP(XRP)
$0.264
-1.05%

The XRP exploit used by hackers is known in the cryptocurrency industry. The exploit, called ‘XRP partial payment exploit’ occurs during the approach of integrating the digital asset with the exchange. To facilitate faster transactions on distributed ledgers, XRP allows partial payments. This arrangement makes it easier for intruders to penetrate the network and so exchanges are warned before transactions. In the past, exchanges have suffered at the hands of cyber crooks due to XRP partial payment system.

Though Beaxy Exchange may be able to reverse the trades made during the time of the exploit, Ripple news today gathered that the cryptocurrency crooks may have gotten away with moving BTC of the exchange. It was noted that while the attacks lasted, funds were transferred to two addresses that are believed to belong to the hackers. About 45 BTC may have been taken during the attack. Also, the XRP distributed ledger revealed that multiple partial payment transactions were targeted during the exploit.

Ripple News Today – XRP News Today – XRP Latest Update – The XRP Token Seemed Unaffected By The Exploit

The partial payment attack on the exchange seemed to have not affected the state of the XRP in the market. The XRP had some activity and attempted to climb as it tried to make an upward correction of $0.30. The XRP was able to climb above the resistance level of $0.3020 and the 100 hourly SMA. The XRP made a jump at $0.3050 but couldn’t scale the $0.3060 level. XRP price prediction has the XRP trading below the $0.3020 support level and analysts and researchers believe that the negative sentiments against Bitcoin BTC and Ethereum ETHmay have affected the XRP’s attempt to surge upwards.

While Beaxy Exchange may have been able to stop the exploit on time and apprehend the perpetrators, the same cannot be said for some other cryptocurrency exchanges. Ripple news today learned that a Taiwanese cryptocurrency exchange lost 7million XRP due to the same partial payment exploit. Malicious hackers have devised different ways of hacking into cryptocurrency exchanges. Malicious crypto mining, phishing, and SEO poisoning are some of the ways these hackers try to penetrate the networks. Other methods include malicious advertisement, breaching the networks and fixing codes into mobile applications.

What do you think about the XRP news today? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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