Ripple's Security Questioned: Can It Outdo SWIFT in Cross-Border Payments?

Crypto researcher SMQKE has sparked debate in the financial industry by questioning whether Ripple is more secure than SWIFT, the global messaging network for cross-border payments.

The discussion centers around a well-known cyberattack on Bangladesh Bank in 2016, where hackers exploited weaknesses in the bank's internal security environment to steal approximately $81 million from its account at the Federal Reserve Bank of New York.

According to SMQKE, the attack did not stem from a direct failure of SWIFT's core messaging system but rather from external vulnerabilities that allowed attackers to gain access to legitimate credentials and carry out unauthorized transfers.

The video presentation by SMQKE poses an open question: whether Ripple's technology can reduce or mitigate risks exposed by attacks originating outside the payment network itself.