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BitMex Research Indicates BCH Continued a $1.3 Million Double Spending

After wading through a hard fork mid-May, bitcoin cash (BCH) seems to have gone through a two-block chain system reorganization that ended in a double spend amounting to3,392 BCH, or around $1.35 million as of press time. The observation was made in a report conducted by the research arm of BitMex and released on May 24.

According to the crypto derivatives exchange platform, the recent hard fork saw three interconnected issues. One was a reported bug that was said to have been utilized by an attacker after the fork. The perpetrator was allegedly successful in broadcasting transactions that satisfied the “mempool validity conditions. However, it wasn’t able to meet the consensus checks. Miners that attempted to create blocks using the said transactions failed in their endeavors and was only able to produce empty blocks.

Concern Among Miners

These blocks raised concerns among miners who might have attempted to mine using the initial non-hardfork chain, thus creating a consensus chainsplit.

Another issue was the chainsplit allegedly stopped a system that was designed to recover funds that were inadvertently sent to SegWit addresses from working.

Failure Could Have Ended

The BitMex Research indicated that the failure could have ended in a calculated and coordinated re-organization of two block chains. But according to the report, the only person victimized by the double spent coins was the original perpetrator.

The BitMex report also noted that the three issues that came out during the hard fork caused 25 transactions from not being accredited in the re-organized chain. This meant it was a double spend. The transactions moved 3,392 BCH.

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