Bitcoin Double-Spend Transaction Identified By BitMEX Research

Stellar USDCs To Be Used By CirclePay To Set New Standards For Crypto
  • BitMEX Research, which is oriented towards providing proof-based reports on cryptocurrency and monetary markets, has identified a suspected Bitcoin (BTC) double-spend transaction
  • The alleged transaction is valued at $21 or 0.00062063 BTC
  • Despite the lower valuation, this transaction is being viewed as a cause for concern by various crypto users and analysts 

BitMEX Research has recently identified a suspected double-spend transaction of Bitcoin which is valued at $21. 

Alleged Transaction Raises Concerns Amongst Crypto Users

BitMEX Research has recognized a speculated double-spend transaction, which has been valued at 0.00062063 BTC or $21. This alleged transaction doesn’t give off an impression of being related to the mainstream replace-by-fee (RBF) wallet hack. RBF refers to a technique that permits a sender to replace a “stuck” or unsubstantiated exchange with another one that utilizes a higher charge. This is done to ensure an exchange affirms as fast as possible. The “substitution” transaction utilizes similar inputs as the first one.

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On January 20, BitMEX’s ForkMonitor noticed that numerous blocks had been developed at the height of 666833. Following this, BitMEX Research posted a tweet detailing this identification and added the value of the transaction which was estimated to be $21. An hour later, the stranded block was associated with an RBF transaction. Notwithstanding, ForkMonitor has since updated its recommendation by stating that no RBF knocks have been recognized. 

Twitter-client and BSV’s Australian backer Eli Afram noticed the “blended messages” from BitMEX Research, affirming that the double-spent exchange is definitely a cause for worry regardless of its little worth.

Previous Instances Of Similar Transactions

Satoshi Nakamoto’s Bitcoin Whitepaper is credited with having tackled the double-spend issue in 2009. They created a pragmatic digital currency that was immune to double spending called blockchain technology. This innovation is basically an all-inclusive public record which keeps a track of each and every exchange on a steadily extending record. Exchanges should be freely approved by “miners” with the end goal for them to become authorised and to be added to the blockchain. Miners get the motivation to do the exchange validation by being remunerated a specific measure of Bitcoin once the validation of the transaction is complete. The test of guaranteeing that a decentralized organization can function as self-governing confirms that similar coins have not been moved more than once, which had earlier fuelled endeavours at causing obstructions to digital currency. 
In July, crypto security firm ZenGo recognized a double-spend attempt focusing on a few famous Bitcoin wallets. While the wallet makers sought to address the exploit, Bitcoin Cash defender Hayden Otto cautioned the weakness might be inborn to BTC’s replace-by-fee feature. He has earlier highlighted this exploit in a viral video.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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