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Tether CEO Dismisses Alleged Bitfinex Database Breach, Citing Security Measures

Speculation about a possible cyberattack on Bitfinex surfaced when the ransomware group F Society claimed to have breached the cryptocurrency exchange and obtained a substantial amount of data, including personal information of around 400,000 users. However, Tether CEO Paolo Ardoino, also Bitfinex’s CTO, took to social media to address the situation, dismissing the claims as potentially fake.

Ardoino pointed out the absence of plaintext passwords and two-factor authentication (2FA) secrets in Bitfinex’s storage systems, indicating that the alleged breach might not be as severe as claimed. Despite F Society’s threat to release know-your-customer (KYC) documents if their demands weren’t met, Ardoino sought to allay fears, stating that Bitfinex was conducting a thorough analysis of its systems and had found no evidence of a breach.

The leaked data, which included email domains, raised concerns, but Ardoino emphasized that most of the domains appeared to be public rather than corporate, suggesting a potential selective curation by the hackers. He also highlighted the possibility that the leaked data could be aggregated from various crypto breaches, as many users tend to reuse email and password combinations across multiple platforms.

Ardoino further speculated that the alleged hack might be a marketing tactic to promote a hacking tool for sale, as suggested by insights from a security researcher. He questioned the likelihood of some of the valid emails compiled from previous breaches belonging to crypto users, reinforcing the idea that the situation might be exaggerated.

Despite Ardoino’s reassurances, concerns lingered within the crypto community, prompting questions about the validity of the claims and the potential implications for users. Bitfinex had not responded to requests for comment at the time of reporting, leaving the situation surrounded by uncertainty.

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