Paolo Ardoino, Chief Technology Officer of cryptocurrency exchange Bitfinex, recently raised doubts about the legitimacy of hacking claims made by the group Fsociety. In a detailed statement on the social platform X, Ardoino highlighted the absence of a ransom demand, which is usually a key indicator of genuine hacks. “If they had any real information, they would have asked for a ransom through our bug bounty, customer support ticket, emails, Twitter, etc. We couldn’t find any request,” he stated, further emphasizing the improbability of the claims.
Analysis of the Allegedly Leaked Data
During his analysis, Ardoino noted that out of the 22,500 emails and passwords supposedly leaked, only about 5,000 could be linked to Bitfinex users. This significant discrepancy suggests that the data might have originated from previous breaches at other cryptocurrency platforms. He also highlighted the common issue of users recycling the same credentials across multiple sites, which can lead to mistaken associations in the event of a breach.
Also Read: Bitfinex Derivatives Launches Bitcoin and Ether Volatility Futures
Perspective from Security Experts
Additionally, Ardoino shared insights from security researchers, who proposed that the hacking claims could be a marketing strategy to promote a data retrieval tool. “By creating a buzz about successfully hacking well-known companies, it is an advertisement of how good their tool is and others should buy it so they can make millions of dollars by using it to exploit companies using this tool,” a researcher commented.
Reassurances and Background
Ardoino reassured users that no actual breach has occurred at Bitfinex and that all funds remain secure. He affirmed the exchange’s commitment to thorough investigation and ongoing vigilance. This proactive stance is part of Bitfinex’s response to security challenges, including a significant breach in 2016 and a minor security incident in November 2023 involving a customer support agent that led to phishing attacks.
Despite the sensational claims by Fsociety, the evidence suggests a likely fabrication, with Bitfinex maintaining robust security measures to protect its users’ assets.
