Double spends have always been somewhat of a concern in the world of cryptocurrency. Albeit these types of attacks are rarely successful, it is a critical issue that will need to be addressed. Glasshunt is a website that lets users double spend their Bitcoins in exchange for a small fee. While it seems reasonable to believe this is an outright scam, it spurs an interesting debate.
Double-Spending Bitcoin Is Not A Business Model
Whenever people come across the Glasshunt website, they will see a link redirecting to a way for a Bitcoin double spend exploit. The principle of such an attack is simple: users can spend the same amount of Bitcoin twice, while only paying once. For those who want to take things one step further, it is also possible to spend Bitcoin for an item or service, then send a higher-fee transactions to oneself for the same amount, and only lose the transaction fee.
But that is all very technical, and what Glasshunt offers seem to be something slightly different. The platform acts as a web interface for users to make double-spending more approachable. An interest take on things, even though actively promoting Bitcoin double spending is not a valid business model.
The service claims users can send the funds they want to double spend to a wallet controlled by Glasshunt. Once done so, they can double spend the funds from that wallet directly, without having to wait for confirmation. All addresses are generated on the site. Even though users will control the private key, there is no telling if GlassHunt keeps a copy of it.
As one would come to expect from such a service, there will be a fee. Glasshunt charges a 10% double spend fee for their help in this matter. Moreover, the company advises users to double spend whenever there is a lot of traffic on the network, Any day but Sunday – apparently – should be a good day.
While the company provides a demo video of Bitcoin double spending, very few details are revealed regarding their involvement. Executing a double-spend does not require specific technological knowledge of the Bitcoin protocol, though. In fact, it is something anyone can do, assuming they follow the right steps and have a bit of luck on their side.
It is sickening to see platforms such as Glasshunt openly promote Bitcoin double-spending. While it is a “loophole” in the system, no one should effectively attempt to abuse it. There is always a chance of getting caught during a Bitcoin double spend. With the number of blockchain analytics companies on the rise, these types of transactions will raise a lot of red flags.
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