Bitfinex's Tether CEO Denies Cyberattack Amidst F Society Ransom Demands

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In the midst of claims by a ransomware group known as F Society, who allege to have infiltrated Bitfinex and extracted 2.5 terabytes of data, including personal details of around 400,000 users, top officials at the cryptocurrency exchange remain steadfast in their denial of any breach. Paolo Ardoino, Tether CEO and Bitfinex CTO, publicly refuted these claims on social media platform X, emphasizing, “Everyone panicking for a potential database breach on Bitfinex. Tldr: seems fake.”

Bitfinex’s Tether CEO Denies Cyberattack Amidst F Society Ransom Demands

Ardoino highlighted that no plaintext passwords or two-factor authentication secrets were stored in Bitfinex’s systems, countering part of F Society’s claims. Shinoji Research noted that F Society had posted on their onion site two Mega links supposedly containing a sample of usernames and passwords, stirring the community’s anxiety further. Yet, Ardoino reassured the community by suggesting that the breach might be overstated and potentially based on previously compromised data from various crypto breaches, as many users unfortunately reuse credentials across different platforms.

F Society has not only claimed to possess extensive data but also threatened to leak KYC documents of all users unless a significant ransom was paid. This includes data spanning the entire operational history of Bitfinex. The group further released data including email domains like coinfarm.co.za, which sparked additional scrutiny, though most of the domains were of public rather than corporate nature, hinting at selective disclosure by the hackers.

Assertions and Security Insistence: Bitfinex CTO Addresses Alleged Data Breach Claims

Adding to the defense, Ardoino pointed out that only a small fraction of the released email addresses could be linked back to Bitfinex users, questioning the authenticity of the hackers’ data. He argued that if such a vast number of emails were indeed linked to crypto users from past breaches, a significant portion might correlate with current crypto exchange users.

The Tether CEO further discussed the security measures in place, specifically the robust rate-limiting defenses on the KYC platform, which prevent mass downloading of sensitive data. He speculated alongside security researchers that the claimed breach might instead be a strategy to market a hacking tool, as suggested by insights from a security researcher and messages circulated on a Telegram channel hinting that the claims could be a tactic to demonstrate the tool’s effectiveness.

Bitfinex is currently performing a deep analysis of its systems, and according to Ardoino, no breach has been detected thus far, describing the situation as “pure FUD.” The controversy continues as the crypto community awaits further developments, with Bitfinex still to officially respond to inquiries regarding the alleged incident.

Everyone panicking for a potential database breach on bitfinex.
Tldr: seems fake.

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…

— Paolo Ardoino 🍐 (@paoloardoino) May 4, 2024

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