BitMEX Research identified a suspicious double-spending transaction of 0.00062063 BTC, or roughly $ 21 USD – and this does not appear to be an example of such a popular breakout that should be exchanged for a fee.
On January 20, FormeMonitor of BitMEX found that “Too many blocks have been established at a height of 666833”. BitMEX Research tweeted:
[1/2] There was an old Bitcoin block today at 666833. SlushPool beat F2Pool in one round.
It looks like a small double increase was noticed around 0.00062063 BTC ($ 21). http://t.co/o8lz9xagYG pic.twitter.com/IEdPu8JEjt
BitMEX Research (BitMEXResearch) January 20, 2021
An hour later, BitMEX Research traces the orphan block to an RBF transaction, where the unconfirmed transaction is replaced by a new transfer that pays a higher fee. But since then, ForkMonitor has updated its advice to say, “RBF not detected.”
Eli Afram, a BSV Twitter user and Australian attorney, referred to “mixed messages” from BitMEX Research, saying that the duplicate transaction, despite its low value, should be a concern:
“So it looks like BTC has already doubled the spending … not RBF (replace it with fees), but actual spending. Only $ 22 … BUT – it would have been $ 22M.”
Satoshi Nakamoto’s Bitcoin White Paper is credited with solving the double spending problem in 2009. The challenge of ensuring the decentralized network’s ability to independently verify that the same coins were not transferred at once has hindered previous attempts at digital money.
In July, crypto security firm ZenGo identified a double-exploit for spending on several popular Bitcoin wallets. As wallet makers grapple with this exploitation, Bitcoin Cash promoter Hayden Otto warned that a BTC fee-exchange loophole may be ingrained in it. He previously exploited the same vulnerability in a viral video.
Update: The header of this article has been updated to indicate that BitMEX Research suspects duplicate broadcasts. Subsequent analysis showed that his suspicions were wrong.
Cryptocurrency markets made a huge breakthrough shortly after Tesla announced to Elon Musk that it would invest in Bitcoin (BTC).
For the first time in history, the crypto market surpassed Alphabet in terms of market value.
On February 10, the cryptocurrency market cap reached $ 1.413 trillion, surpassing the market value of Google A and C shares at the time of writing, the total market capitalization of the company and the company’s market capitalization were $ 1.39 trillion and $ 1.404 billion, respectively.
Cryptocurrency market cap has gained momentum this year thanks to the continuous rally of cryptocurrencies, breaking the trillion dollar mark in early January.
The total market cap of cryptocurrencies previously exceeded Tesla’s market value, which at the time of writing was around $ 815 billion. Shortly after cryptocurrency markets shattered Tesla’s market value, the company made a huge announcement on February 8th, indicating to the Securities and Exchange Commission that it had invested $ 1.5 billion in Bitcoin.
With the latest crypto pump, the market is now behind Amazon, Microsoft and Apple by market value.