A bug was discovered in Bitcoin transactions
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Although not dangerous, the error affects 2% of Bitcoin transactions and increases the danger of an eventual sort of attack where some miners could steal coins from others.
The discovery of this bug in Bitcoin was made by a German freelance developer referred to as 0xB10C, who documented it during a post on his blog.
In a nutshell, some Bitcoin wallets create faulty transactions with future execution. These transactions shouldn't be transmitted over the network, however, this happens whenever .
0xb10c discovered quite a million of those incorrect transactions between September 2019 and March 2020, representing 10% of all timelock transactions.
The German developer is a component of a worldwide network of researchers who test the Bitcoin network trying to find risks and / or problems, even some that are only theoretical and previously unknown.
Understanding the technical terms
A timelock transaction prevents BTC recipients from having the ability to use it immediately, making them await a particular number of blocks to be processed within the future.
Such and defective transactions discovered by 0xb10c were set for the present block, ie at once / delay, and may be used for fee-sniping.
Fee-sniping allows a malicious miner to exchange a block that somebody else has just mined for his own, with an equivalent identical transactions et al. still pending. The timelock serves to avoid including the latter, making the attack inconvenient.
The fact is that fees can become an incredibly important source of profits for miners within the future, increasing the risks related to these flawed timelock transactions.
So while the bug isn't really important immediately , it could become dangerous within the near future.
0xb10c also found that a lot of of those troubled transactions were administered by an outsized and unique institution, which he chose to not reveal.
However, he said the institution was contacted and an answer was received that they might be trying to find a solution, although this might take a while .
0xb10c also points out that a possible solution has been known since the start of 2020, but it'll also take a while before all software instances subject to the bug are updated.