News by CCN: P. H. Madore
One of the known security vulnerabilities in cryptocurrency is the human being and his or her capacity for foolish acts. If a transaction hasn’t cleared at least once on any blockchain, including Bitcoin, it’s not secure.
No Means No in Blockchain Confirmations
On faster blockchains like Tron or EOS, you can wait even longer. The point isn’t always to be sure the transaction is legitimate. Sometimes it’s to be sure you received it on the right chain.
Earlier this year, CCN reported on a string of bitcoin ATM robberies in Canada that resulted in the loss of over $100,000.
All of these attacks seem to have been possible due to long waits for Bitcoin transactions. The attackers were able to use software which allowed them to spend the same coins and pay the miner a higher fee.
Authorities never released many details on the mechanics of the thefts, but anyone familiar with Bitcoin can tell you a thing or two about how it might be done.
Cornell’s Professor Emin Gün Sirer cited later reporting of the same events in a controversial Twitter thread yesterday, a conversation that has continued to today.