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October 3, 2023 by Mohammad Ali
In a remarkable revelation, Coinbase director Conor Grogan, known as “Conor” in the crypto circles, has unearthed a rare incident from the annals of Bitcoin’s history. This incident refers to when the enigmatic Satoshi Nakamoto roamed the digital realms in August 2010. It’s worth noting that recorded history shows Nakamoto bidding farewell to the community in December of that same year.
13 years ago, someone exploited a bug to create 184,467,440,737 BTC
The blockchain was forked by Satoshi within 5 hours and the transaction (along with all of the other ones in between the fork) were thrown out. They never found the guy that did the hack! pic.twitter.com/tvwmhj5774
— Conor (@jconorgrogan) October 1, 2023
Grogan recollects a staggering event over 13 years ago, when a savvy individual exploited a bug in the system, conjuring a mind-boggling 184,467,440,737 Bitcoins. This exploit took place during the mining of BTC block 74,638 on a fateful August 15th morning at 7:53:59 a.m.
The block birthed the infamous “184 billion bitcoin bug,” giving rise to an astronomical 184,467,440,737.09 BTC, neatly divided between two addresses, each receiving 92233720368.54 BTC. This feat was possible due to a critical oversight in the code, which failed to anticipate such colossal outputs, leading to an overflow when tallied.
Bitcoin’s Battle With The Unknown Adversary
After a fraudulent transaction compromised BTC’s network, Satoshi Nakamoto, the creator of the cryptocurrency, quickly responded by initiating a fork to remove the malicious transaction and any associated transactions from the ledger. It is worth noting that the perpetrator’s identity behind this exploit remains unknown.
A version of the Bitcoin client was swiftly deployed, integrating a soft forking modification to the consensus rules. This change rejected transactions exhibiting value overflow and any transaction exceeding 21 million Bitcoins in output for any reason.
Since its inception in 2009, BTC’s journey has been extraordinary. One unchanging facet is the hard cap, meticulously encoded by the elusive Satoshi Nakamoto. This cap restricts the maximum supply to an unalterable 21 million, implying that no further units can be mined or disseminated.
The Bitcoin blockchain, subject to constant scrutiny by the entire network, is heralded as impervious to hacking attempts. As a result, breaching this fortress is deemed exceedingly improbable. BTC has weathered the storm to date, never succumbing to a 51% attack or experiencing any downtime, even for a fleeting moment.
Related Reading: | Bitcoin’s Q4 Puzzle: Analyst’s Bullish Signal Amid Market Divisions
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