Bitcoin double-spend spotted in the wild

Jan 21, 2021 | CoinTelegraph News | 0 comments

bitcoin-double-spend-spotted-in-the-wild

BitMEX Research has identified what it believes to be a double-spent Bitcoin transaction… worth $21.

BitMEX Research has identified a suspected double-spend transaction valued at 0.00062063 BTC or roughly $21 — and it doesn’t appear to be an instance of that popular replace-by-fee wallet hack.

On Jan. 20, BitMEX’s ForkMonitor noted that “multiple blocks were produced at height 666833.” BitMEX Research tweeted:

One hour later, BitMEX Research attributed the orphaned block to an RBF transaction, which is where an unconfirmed transaction is replaced with a new transfer paying a higher fee. However, ForkMonitor has since updated its advice to say: “No (RBF) bumps have been detected.”

Twitter-user and BSV’s Australian advocate Eli Afram noted the “mixed messages” from BitMEX Research, asserting the double-spent transaction should be cause for concern despite its small value:

“So it appears an actual Double-Spend has occurred on BTC… Not an RBF (replace-by-fee), but an actual double spend. A mere 22USD… but – this could have been 22million.”

Satoshi Nakamoto’s Bitcoin Whitepaper is credited with having solved the double-spend problem in 2009. The challenge of ensuring that a decentralized network can autonomously verify that the same coins have not been transferred more than once had stymied earlier attempts at digital cash. 

In July, crypto security firm ZenGo identified a double-spend exploit targeting several popular Bitcoin wallets. While the wallet manufacturers moved to address the exploit, Bitcoin Cash proponent Hayden Otto warned the vulnerability may be inherent to BTC’s replace-by-fee functionality. He’d earlier exploited the same vulnerability in a viral video.

News Source from CoinTelegraph.com

Related Articles

Mad Money’s Jim Cramer Has a Plan to Save Gamestop With Bitcoin

Mad Money’s Jim Cramer Has a Plan to Save Gamestop With Bitcoin

Mad Money host Jim Cramer thinks he has a solution to save troubled video game retailer Gamestop with the help of bitcoin. He suggests that Gamestop should raise money to buy the cryptocurrency, then convert its 5,000 locations into bitcoin stores. He believes his...

Pin It on Pinterest

Share This