Contrary to initial speculation within the crypto community, a recent post concerning X sparked widespread excitement. It was believed that about half of XRP's total supply was being transferred in a single transaction to a lone exchange. However, further investigation suggests that the situation is not exactly as it was initially perceived.

The transaction in question raised concerns among the crypto community, particularly catching the attention of the renowned cryptocurrency commentator known as 'Wolf of All Streets'. The primary cause for concern was the transaction's apparent origin from a single wallet.

Indeed, situations like this can introduce risks to any asset. When one individual holds significant control over the liquidity of the asset, it can potentially create problems and uncertainties for the market.

Bitfinex's Chief Technology Officer Clears Up the XRP Rumors

Bitfinex's Chief Technology Officer, Paolo Ardoino, recently addressed his 217,100 followers on X (formerly Twitter), where he confirmed that a cyberattack was attempted on the cryptocurrency exchange.

“Someone attempted to attack Bitfinex via “Partial Payments Exploit”. Attack failed since Bitfinex properly handles ‘delivered_amount’ data field.”

The reason behind Paolo Ardoino's confirmation was the circulation of online reports regarding a significant transaction. A wallet had sent nearly 50% of XRP's total supply in a single transaction to the exchange, prompting the Chief Technology Officer to address the attempted cyberattack.

The initial detection of the transaction was made by Whale Alerts. The Wolf of All Streets, with a following of 932,500, expressed skepticism, stating that 'this cannot be real.'

“The circulating supply of XRP is roughly 54b. This is almost half of that. From one wallet. In one transaction.”

The existence of a single wallet holding the majority of a cryptocurrency's supply raises concerns among investors. This concentration of ownership grants the wallet holder significant power and control over the entire market, which can be worrisome for those holding crypto assets.

The potential consequences of the holder selling all those assets at once could have a substantial impact on the price of XRP. As of the time of publication, XRP is priced at $0.59.