The CEO of Tether, Paolo Ardoino, recently challenged rumors of a possible database hack on Bitfinex, asserting that they were likely unfounded. Ardoino addressed the issue through a statement on the matter, indicating that claims of hackers uploading massive amounts of data containing email addresses and passwords were not genuine. He clarified that sensitive information like 2FA secrets and plaintext passwords are not stored to alleviate concerns about user account security. Out of the 22,500 emails shared, only 5,000 belonged to Bitfinex customers, diminishing the potential impact of any actual breach significantly. Crucially, the individuals claiming responsibility for the breach did not communicate directly with Bitfinex, casting doubts on the legitimacy of their assertions. Ardoino pointed out the absence of ransom demands through traditional channels, such as bug bounty programs, customer support tickets, or social media platforms, further undermining the credibility of the alleged breach. Despite concerns raised by security experts, investigations indicate that the hackers compiled data from several cryptocurrency breaches. Tether has initiated a comprehensive review of its systems and found no evidence of a breach, affirming the safety of users' funds. Ultimately, Ardoino reiterated their unwavering commitment to safeguarding user assets, pledging continued vigilance to mitigate potential risks.
Refutation of Rumors Regarding Database Hack by Bitfinex CTO

by Giorgi Kostiuk
2 years ago

Other news
Integration of Tax Software with Financial Applications

Integration of tax software with core business applications is transforming tax preparation into a seamless process, ensuring consistency and reducing audit exposure.

The Shift to Automated Tax Preparation

High-earning self-employed individuals and small business owners are increasingly adopting automated tax preparation systems to enhance efficiency and reduce errors.

UK Supreme Court Dismisses 13B BSV Delisting Lawsuit

The UK Supreme Court has dismissed a significant lawsuit concerning the delisting of the BSV token, clarifying legal boundaries for cryptocurrency exchanges.

The True Cost of User Acquisition in Web3

A new report reveals that the true cost of acquiring verified users in Web3 is significantly higher than previously reported, with many projects miscounting their user metrics.

Web3 User Metrics Reveal Alarming Verification Gap

A recent analysis by Web3Quest reveals that up to 70% of reported Web3 users are bots or fake accounts, highlighting the urgent need for real user verification.

Tesla Hits $15 Trillion Market Cap Amid Robotaxi Buzz

Tesla has reached a remarkable milestone, crossing a $15 trillion market cap today, fueled by excitement surrounding the company's Robotaxi program.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter