Scam Alert

BRC-20 UniSat Wallet Suffers A Large Number Of Double-spend Attacks

Key Points:

UniSat Wallet reported a huge number of double-spend attacks as a consequence of a vulnerability in its coding.
According to a preliminary analysis by the extension’s staff, 70 transactions out of 383 were impacted.

After a short debut, access to the inscriptions marketplace UniSat Wallet was stopped. The community is skeptical about the genuineness of the BRC-20 that was bought. There are numerous counterfeit Ordinals on the market.

UniSat Wallet claimed that it had been struck by a high number of double-spend assaults as a consequence of a vulnerability in its coding only hours after the open-source Chrome plugin for Bitcoin ordinals became unreachable.

“During our testing last week, we simulated different approaches to double-spend attacks and made improvements and enhancements to the code. Unfortunately, certain problems were still exposed in the initial public version,” UniSat Wallet announced on Twitter.

According to a preliminary analysis by the extension’s staff, 70 transactions out of 383 were impacted. After additional research over the following several days, the wallet indicated that it would pay users who are proven to be linked with the event for their losses. It also requested that individuals who feel they were impacted send a support ticket on its Discord service.

“Please understand that BRC-20 is still very young and there have been numerous issues identified and resolved in the past 30 days,” UniSat noted.

UniSat Wallet claims to be the first supplier of BRC-20 wallets and marketplaces. The product is also part of the process supported by the MetaMask team. The BRC-20 token standard is a novel and experimental fungible token standard that was developed utilizing Ordinals and Inscriptions. This information is kept on the Bitcoin blockchain.

Casey Rodarmor created the Bitcoin ordinals protocol in January 2023. The protocol enables the inscription of digital information, such as art, into the Bitcoin network. Rodarmor aimed to build an immutable on-chain presence of a piece of art, writing, or video, as opposed to nonfungible tokens (NFTs) on Ethereum and other blockchains. Rodarmor wrote the genesis ordinal, a pixel painting of a skull, on December 14, 2022.

Ordinals theory underpins the mechanics of Bitcoin ordinals. Ordinals theory defines satoshis (sats) as the atomic unit that can be recognized and transacted on the Bitcoin network individually. 1 Bitcoin is made up of 100 million sats. Sats are numbered in the order of mining, and the number that uniquely identifies a sat is known as an ordinal number.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.