“Double-Spend” panic in the Bitcoin network!

The “double-spend” transaction encountered in the Bitcoin (BTC) network created a short-term panic. In the statement made by BitMEX Research, it was stated that it determined double spending worth 0.00062063 BTC. It was claimed that the hacking method named “replace-by-fee (RBF)” was used by changing the transaction fee in this transfer, which is approximately $ 21.

On January 20, BitMEX ForkMonitor posted tweet stated that “block number 666.833 was produced twice” with:

One hour later, BitMEX Research said an RBF in which an unverified transfer on the unprocessed block is replaced by a different transfer that pays a higher fee Has detected.

Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)

Australian Bitcoin SV coin supporter Eli Afram drew attention to “mixed messages” from BitMEX Research, saying that the double-spending transaction should cause concern despite its small value. put forward:

“There seems to be a real ‘Double Spend’ case in BTC… Not a ‘RBF’, but a real double spending. Only $ 22 maybe, but it could have been 22 million.”

The Bitcoin technical article (whitepaper) prepared by Satoshi Nakamoto in 2009 is considered to have solved the double spending problem. The decentralized network can automatically verify that the same coins are not transferred more than once.

Crypto security firm ZenGo detected double spend transactions targeting several popular Bitcoin wallets in July. As wallet makers took action to investigate the incident, Bitcoin Cash supporter Hayden Otto warned that the vulnerability may be inherent in the way BTC changes the transaction fee.

For detailed information: What is Double Spending? How does it happen?

Check Also

Will Bitcoin turn into paper money?

Projects began to be produced for the Bitcoin (BTC) currency to become physical banknotes. In …

Leave a Reply

Your email address will not be published. Required fields are marked *