In a recent development that has caught the attention of the cryptocurrency community, Bitfinex’s Chief Technology Officer, Paolo Ardoino, has addressed concerns regarding alleged security breaches.

Ardoino firmly dismissed the claims that the exchange’s database had been compromised as ‘pure FUD’ (fear, uncertainty, and doubt), emphasizing that no group has approached the company demanding a ransom.

The rumors of a breach surfaced when a hacker group claimed to have accessed 22,500 user emails and passwords from Bitfinex’s database.

Ardoino quickly responded, stating that the data presented by the hackers did not match the exchange’s records.

In a tweet he posted, defending the firm, he said;

“The alleged hackers have posted 2 mega links with sample data contains 22.5k records of email and passwords. – we don’t store plaintext passwords, nor 2FA secrets in clear text. – only 5k of 22.5k emails are matching with bitfinex users. If that was part of our database we would expect 100% matching”.

He pointed out that only 5,000 of the alleged 22,500 emails could be linked to Bitfinex accounts, suggesting that the information might have been obtained from previous breaches involving other cryptocurrency platforms.

Bitfinex, known for its robust security measures, has reassured users that their funds are safe. Ardoino highlighted the exchange’s practice of not storing plaintext passwords or two-factor authentication secrets in clear text.

In the tweet, He also referenced Bitfinex’s proactive approach to security, including a bug bounty program and customer support channels, which hackers typically use to make monetary requests.

https://twitter.com/paoloardoino/status/1786751936760312050

“the alleged hackers didn’t contact us. Their post was published the 25th of April, giving 7 days to contact them. Yet we discovered about this claim only yesterday. If they had any real information they would have asked a ramson through our bug bounty, customer support ticket, emails, twitter etc. We couldn’t find any request.”

This is not the first time Bitfinex has faced security challenges. The exchange suffered a significant breach in 2016, resulting in the loss of Bitcoin valued at approximately $70 million at the time. Since then, Bitfinex has implemented stringent security protocols to safeguard user data and funds.

In his final words, he had this to say concerning the situation: “While we believe this is pure FUD we’ll keep reviewing information to ensure no stone remains unturned. Funds are safe.”

See also: Renzo Airdrop The 53rd Binance Launchpool Project You Shouldn’t Miss

About Bitfinex

Bitfinex is a prominent cryptocurrency exchange platform that was founded in 2012. It’s known for its advanced trading features and support for a wide range of cryptocurrencies.

The platform offers many features to its users which range from spot trading to exchange etc. It gained attention in the crypto community for being one of the first exchanges to offer margin lending, allowing users to amplify their trading positions.

We hope you have found value in this article, if you have, kindly share, comment and also subscribe to our newsletter by inputting your email address at the footer of this page to get free airdrop opportunities that have 10x to 1000x potential.