Suspected Bitcoin double-spend spotted in the wild
Suspected Bitcoin double-spend spotted in the wild
BitMEX Research has identified what it believes to be a double-spent Bitcoin transaction... worth $21.
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BitMEX Inquiry has identified a suspected double-spend transaction valued at 0.00062063 BTC or roughly $21 — and information technology doesn't appear to be an instance of that popular supplant-by-fee wallet hack.
On Jan. twenty, BitMEX'south ForkMonitor noted that "multiple blocks were produced at height 666833." BitMEX Inquiry tweeted:
— BitMEX Research (@BitMEXResearch) Jan twenty, 2021
Ane hour later, BitMEX Enquiry 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 crusade for concern despite its small value:
"And then it appears an actual Double-Spend has occurred on BTC... Not an RBF (replace-by-fee), but an bodily double spend. A mere 22USD... but - this could have been 22million."
Satoshi Nakamoto's Bitcoin Whitepaper is credited with having solved the double-spend trouble in 2009. The challenge of ensuring that a decentralized network tin can autonomously verify that the same coins have not been transferred more than than once had stymied before attempts at digital cash.
In July, crypto security firm ZenGo identified a double-spend exploit targeting several pop Bitcoin wallets. While the wallet manufacturers moved to address the exploit, Bitcoin Cash proponent Hayden Otto warned the vulnerability may exist inherent to BTC's supervene upon-by-fee functionality. He'd earlier exploited the aforementioned vulnerability in a viral video.
Update: The headline to this article has been updated to note that BitMEX Research suspected a double spend. Subsequent analysis has determined that their suspicions were wrong.
Source: https://cointelegraph.com/news/bitcoin-double-spend-spotted-in-the-wild
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