Bitfinex CTO Paolo Ardoino Debunks Rumors of Database Breach, Ensures BTC and ETH Security

• Bitfinex’s CTO, Paolo Ardoino, has debunked rumors of a database exploit on the crypto exchange platform.
• Ardoino assures users that their funds are safe and the alleged database breach appears to be a hoax.
• He criticizes security researchers for prematurely hyping the supposed exploit without thorough investigation.

Bitfinex’s CTO, Paolo Ardoino, debunks rumors of a database exploit, assuring users of the safety of their funds and criticizing security researchers for hyping the alleged breach.

Bitfinex CTO Denies Database Exploit

Paolo Ardoino, the Chief Technology Officer at Bitfinex, has dismissed rumors that the cryptocurrency exchange was a victim of a database exploit last month. Ardoino, who also serves as the CEO of Tether, stated on social media platform X that the alleged database breach appears to be fake and that users’ funds are safe.

Details of the Supposed Hack

Ardoino explained that the details of the supposed hack do not align with Bitfinex’s security protocols. He pointed out that Bitfinex does not store plaintext passwords or two-factor authentication secrets in clear text. Furthermore, only 5,000 out of the 22,500 emails provided by the alleged hackers matched with Bitfinex users. According to Ardoino, if the data was part of their database, there would be a 100% match.

Alleged Hackers’ Motive

The CTO went on to speculate that the alleged hackers collected a database of emails and passwords likely from different crypto breaches. He suggested that the hackers’ motive was to create a buzz about successfully hacking well-known companies to advertise a tool that they sell. An unnamed cybersecurity expert who closely examined the details of the event supported Ardoino’s theory.

Conclusion

In conclusion, Bitfinex’s CTO has assured users that their funds are safe and that the alleged database exploit is a hoax. He criticized security researchers for prematurely hyping the supposed exploit and urged them to conduct thorough investigations before making such claims. This incident serves as a reminder for users to maintain unique passwords across different platforms to enhance their security.