BitMEX Research has identified a suspected double spending transaction worth 0.00062063 BTC or about $ 21 – and does not appear to be an example of the popular fee replacement wallet hack.
On January 20, BitMEX’s ForkMonitor reported that “multiple blocks are produced at altitude 666833.” BitMEX Research tweets:
[1/2] Bitcoin block was outdated today, at a height of 666,833. SlushPool has beaten F2Pool in a race.
It seems as though a small double spend of about 0.00062063 BTC ($ 21) has been found: //t.co/o8lz9xagYG pic.twitter.com/IEdPu8JEjt
– BitMEX Research (@BitMEXResearch) January 20, 2021
An hour later, BitMEX Research attribution the orphan block to an RBF transaction, and that’s where an unconfirmed transaction is replaced by a new transfer that pays a higher fee. However, since then ForkMonitor has updated its advice to say: “No lumps (RBF) found.”
Twitter user and BSV advocate from Australia, Eli Afram noted the “mixed messages” from BitMEX Research, asserting the double-spend transaction, should be a concern despite its small value:
“So it appears that there is actual Double Spending on BTC … Not RBF (fee replacement), but actual double spend. Only 22USD … but – this could have been 22 million. ”
Bitcoin Whitepaper Satoshi Nakamoto is thought to have solved the double spending problem in 2009. The challenge of ensuring that a decentralized network can independently verify that the same coins have not been transferred more than once has hampered earlier attempts at digital currencies .
In July, crypto security firm ZenGo reported double-spending exploitation targeting several popular Bitcoin wallets. As the wallet makers move to address the exploitation, Bitcoin Cash proponent Hayden Otto warned that the vulnerability could be inherent to the functionality of replacing BTC. Earlier he had exploited the same vulnerability in a viral video.