Bitcoin Wallets Vulnerable To Opt-in Replace-by-fee Double Spend Attacks
The topic of transaction fees has been kicked around a few times in the world of Bitcoin, but the question remains whether or not wallets are ready to deal with opt-in replace-by-fee. Several exchange platforms have taken the necessary steps to detect opt-in replace-by-fee situations, but more efforts are needed. It will come as a big surprise to find out a lot of most popular Bitcoin wallet solutions in existence have some serious flaws regarding security, as well as detecting double-spends. Especially this latter part is of particular worry, as a double-spend attack puts the recipient at....
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Patents are not something native to the Bitcoin world, but that isn’t keeping companies from trying to file them anyway. Bank of America has been trying to patent various blockchain-based solutions in the recent months, and now Verisign is looking to do the same. Based on a recent Medium post, we can see how Verisign wants to address the double spend scenario in the digital currency world. Verisign Solved The Double Spend Problem? Even though very few people are concerned about the prospect of being subject to a double spend in the Bitcoin world, although other types of digital currency....
BitMEX Research has identified what it believes to be a double-spent Bitcoin transaction... worth $21. BitMEX Research has identified a suspected double-spend transaction valued at 0.00062063 BTC or roughly $21 — and it doesn’t appear to be an instance of that popular replace-by-fee wallet hack. On Jan. 20, BitMEX’s ForkMonitor noted that “multiple blocks were produced at height 666833.” BitMEX Research tweeted:[1/2] There was a stale Bitcoin block today, at height 666,833. SlushPool has beaten F2Pool in a race. It appears as if a small double spend of around 0.00062063 BTC ($21) was....
A supply cap of 21 million bitcoins would be a problem, if the currency was only divisible up to two points behind the decimal. But that is not the case, as the “cent” value of 1 Bitcoin is called a Satoshi, which is 0.00000001 Bitcoin. As you can see, Bitcoin is divisible up to 8 points behind the decimal, and if we were to compare 1 Satoshi to 1 cent in fiat currency, a full Bitcoin would be equal to 10 million. Multiple that number by 21 million coins, and there is plenty of funds to go around for everyone in the world. Another point the article by The Telegraph focuses on is how....
According to researchers, Bitcoin and Ethereum blockchains are vulnerable to Balance Attack, which encourages double spend and disrupts persistence of blockchain. The Proof of Work blockchains may have an Achilles Heel that makes them vulnerable to a “Balance Attack.” A group of researchers from the University of Sydney has published a paper offering details about this new type of attack. The Balance Attack targets the nodes with balanced mining power. By delaying the network communication between a subgroup of nodes, the attack forces double spend on proof of work blockchains like that of....
The GlassHunt Double Spend Tool was exploited through an SQL hack. The assailant broke into the company database and seized close to US$5,000 worth of Bitcoin in the process The GlassHunt Bitcoin Double Spend Tool has been quite successful so far. Many people have tried this solution in an attempt to successfully double-spend their Bitcoins. However, the service has undergone a significant setback. An unknown hacker stole nearly US$5,000 worth of Bitcoin from active users who were waiting to double spend funds. The saying “karma is a bitch” seems to apply here. Any company successfully....