Daily Fresh Cryptocurrency News

Bitcoin double-spend noticed within the wild


BitMEX Analysis has recognized a suspected double-spend transaction valued at 0.00062063 BTC or roughly $21 — and it doesn’t seem like an occasion of that widespread replace-by-fee pockets hack.

On Jan. 20, BitMEX’s ForkMonitor famous that “a number of blocks had been produced at peak 666833.” BitMEX Analysis tweeted:

One hour later, BitMEX Analysis attributed the orphaned block to an RBF transaction, which is the place an unconfirmed transaction is changed with a brand new switch paying a better payment. Nevertheless, ForkMonitor has since updated its recommendation to say: “No (RBF) bumps have been detected.”

Twitter-user and BSV’s Australian advocate Eli Afram noted the “combined messages” from BitMEX Analysis, asserting the double-spent transaction must be trigger for concern regardless of its small worth:

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

Satoshi Nakamoto’s Bitcoin Whitepaper is credited with having solved the double-spend drawback in 2009. The problem of guaranteeing {that a} decentralized community can autonomously confirm that the identical cash haven’t been transferred greater than as soon as had stymied earlier makes an attempt at digital money. 

In July, crypto safety agency ZenGo recognized a double-spend exploit focusing on a number of widespread Bitcoin wallets. Whereas the pockets producers moved to handle the exploit, Bitcoin Money proponent Hayden Otto warned the vulnerability could also be inherent to BTC’s replace-by-fee performance. He’d earlier exploited the identical vulnerability in a viral video.

#Bitcoin #doublespend #noticed #wild

Source link

Leave A Reply

Your email address will not be published.