Canadian VR Company Sold $4.2M In BTC After Double-Spending FUD

A Canadian VR company has just sold $4.2 million of its BTC due to the double-spending FUD that swamped the market. NextTech AR solutions made a $200,000 profit after it sold 130 BTC and the company justified the decision with the FUD on double-spending that occurred on the BTC network a day ago, so let’s read more about it in our today’s cryptocurrency news.

According to a press release that was published by the Canadian VR company, NexTech sold all of its BTC holdings amounting $4.2 million in today’s prices. The sale came less than a month after the initial purchase that was revealed in December. Despite the short period, BTC’s price increased and the company managed to make a profit of $200,000 after the sale. This means that a 5% ROI was made in a little over three weeks.

What’s even more interesting is that the company CEO Evan Cappelberg said that the decision came after the reports of the critical flaw called and “double-spend” issue that could occur which will allow someone to spend BTC twice. The executive argued that this development will undermine the faith in the BTC network:

 “If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both – essentially destroying the store of value it was meant to be.”

The double-spending accident raised many concerns inside and outside of the community but Andreas Antonopoulos was among the few popular BTC proponents that debunked the rumor with a comprehensive explanation. He called the rumor an “irresponsible publication” and said that the situation is nothing more than two blocks getting mined at the same time. Antonopoulos explained that this was a regular block reorganization instead of the double-spending and concluded that “nothing weird or outside the consensus algorithm happened. Bitcoin continues to work exactly as it should.”

Blockstream’s CEO Adam Back also shared the same opinion and said that there was no BTC double-spending and that all misreporting of stuff has to stop. Speaking on the BTC price analysis, The recent parabola has been broken which could suggest a new correction is underway and some of the best traders and analysts are now expecting even more downsides before things start turning back up. The Average Directional Index confirmed the bearish price action and the red DMI is moving sharply above the green which is a clear sign that the bears are in control of the crypto’s daily trend once again.