BitMEX Research Identifies Suspected Double-Spend Transaction At 0.00062063 BTC
BitMEX Research Identifies Suspected Double-Spend Transaction At 0.00062063 BTC
January 22, 2021
BitMEX Research Identifies Suspected Double-Spend Transaction At 0.00062063 BTC
BitMEX Research Identifies Suspected Double-Spend Transaction At 0.00062063 BTC
January 22, 2021

BitMEX Research has identified a suspected double-spend transaction valued at 0.00062063 BTC or around $21 and it doesn’t appear to be an instance of that popular replace-by-fee wallet hacks.

It has been reported that BitMEX’s ForkMonitor noted that “multiple blocks were produced at height 666833.”

Soon after that, BitMEX Research attributed the orphaned block to an RBF transaction, which is where an unconfirmed transaction is replaced with a new transfer paying a higher fee.

ForkMonitor has since updated its advice to say:

“No (RBF) bumps have been detected.”

Twitter-user and BSV’s Australian advocate Eli Afram noted that the “mixed messages” from BitMEX Research, asserting the double-spent transaction should be cause for concern despite its small value:

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

Likewise, Satoshi Nakamoto’s Bitcoin Whitepaper is credited with having solved the double-spend problem in 2009.

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Thus, the challenge of ensuring that a decentralized network can autonomously verify that the same coins have not been transferred more than once had stymied earlier attempts at digital cash. 

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.