Someone Just Spent $2,000 On a $1,000 Gift Card Trying to “Double Spend” BCH

It is a common practice nowadays for online ventures to invite white hat hackers to attack their systems via security challenges or cyber bug hunts. Companies usually do this to learn what vulnerabilities they might have and improve, or to show their confidence in their existing defense capabilities. The method can also be used to prove a point about the reliability of a certain system as seems to have happened now with 0-conf BCH transactions. Also Read: Wirex to Launch Cryptocurrency Debit Cards in Asia During Q2 2018 0-Conf Challenge It appears that someone has lost $2,000 buying a $1,000 gift card trying to carry out a “double spend” attack with bitcoin cash (BCH), according to transaction data from Cryptonize.it. Whoever was behind this failed attempt thought that they can exploit a feature in BCH called 0-conf (wherein transactions are broadcasted immediately with still zero conformation), but the attempt backfired, costing them double the gain and verifying the security of the cryptocurrency for merchants. As we previously reported, Cryptonize.it is an online shopping website selling gift cards for Amazon, Steam, iTunes, Starbucks and many other popular services. It exclusively accepts BCH payments, offering merchants a platform to sell their products to the bitcoin cash community while avoiding volatility risks. As such, it was important for the founders of the site to demonstrate to merchants that accepting payments with the BCH cryptocurrency is safe and secure. So the company challenged anyone who think they can double spend by exploiting 0-conf to get…
Source: Someone Just Spent ,000 On a ,000 Gift Card Trying to “Double Spend” BCH

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