BitMex research that was issued on May 24, explains that after the hard fork on May 15, Bitcoin cash has reportedly experienced a two-block chain reorganization which resulted in 3,392 BCH double spend. Per the coming altcoin news, we read more on that research.
The report released by the BitMex research branch, the recent BCH hard fork experienced three connected issues. First, there was a bug that evidently exploited by an attacker right when the hard fork happened. The attacker was also able to ‘’broadcast transactions which met the mempool validity conditions but failed the consensus checks.’’ Also, the miners who attempted to produce blocks with the transactions were not able to do so.
The empty blocks resulted in concerns among the miners who tried to mine on the original chain causing a consensus chainsplit. The third problem was that the said chainsplit prevented a system that aimed to recover funds that were accidentally sent to SegWit addresses. According to the BitMex research, the failure could have resulted in a coordinated 2 block chain re-organization. The report states:
“Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original ‘thief.’”
As the BitMex research explains, the three interrelated issues during the hard fork brought up 25 transactions (moving 3,392 BCH) not being into the reorganized chain which led to the double spend effect. As reported in the latest cryptocurrency news, at that time, Bitcoin Satoshi Vision (BSV) blockchain which is a result of the previous BCH hard fork struggled with the large block size and then a series of block reorganizations happened back in April.
At the start of this year, In January, a deep reorganization of the Ethereum classic (ETC) blockchain happened as well which also included double spending and $1.1 million worth of crypto was involved.
The report states further:
‘’The largest concern from all of this, in our view, is the deliberate and coordinated re-organisation. From one side of the argument, the funds were stolen, therefore the actions were justified in returning the funds to their “rightful owners”, even if it caused some short term disruption. However, the cash like transaction finality is seen by many, or perhaps by some, as the only unique characteristic of these blockchain systems.’’
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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