05 Jul '15, 5pm

Bitcoin wallets vulnerable to double-spending bug

Bitcoin wallets vulnerable to double-spending bug

The cryptocurrency Bitcoin has not been without its problems. There have been numerous hacks leading to the loss of millions of dollars, and Bitcoin mining tool Epic Scale became embroiled in a crapware scandal with uTorrent . The latest problem to hit the digital currency is a double-spending bug. As the name suggests, this essentially makes it possible to spend the same Bitcoins twice, and it stems from a problem with a planned upgrade. An issue with some Bitcoin miners means that tests that usually prevent double-spending are not correctly performed. The problem was discovered on 4 July as many American were busy celebrating Independence Day. Double-spending is supposed to be thwarted by a safety mechanism which checks the block chain (or transaction database) to check whether any given Bitcoins have been spent or not. Some Bitcoin miners are now generating invalid bloc...

Full article: http://betanews.com/2015/07/05/bitcoin-wallets-vulnerable...

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