UniSat Wallet struck by double-spend attacks on Bitcoin Ordinals

UniSat Wallet struck by double-spend attacks on Bitcoin Ordinals

UniSat Wallet suffers a series of double-spend attacks due to a vulnerability in its codebase, pledging to refund affected users.

UniSat Wallet faces security breach

The UniSat Wallet, a Chrome extension for Bitcoin Ordinals, became inoperable after experiencing numerous double-spend attacks. These attacks stem from a vulnerability within the wallet’s codebase. UniSat Wallet, which claims to be the first BRC-20 wallet and marketplace provider, announced the incident on Twitter.

The wallet developers had previously simulated various double-spend attack approaches during testing and improved the code accordingly. However, the initial public version still contained issues, leaving it susceptible to attacks.

Investigation reveals the extent of damage

A preliminary examination by the extension team revealed that out of 383 transactions, 70 were affected. UniSat Wallet plans to compensate users associated with the incident after further investigations over the next few days. Users who believe they were impacted are encouraged to open a support ticket on UniSat Wallet’s Discord server.

The wallet’s team reminded users that the BRC-20 token standard is still relatively new, with many issues identified and resolved within the past month. As the first BRC-20 wallet and marketplace provider, UniSat Wallet faces numerous challenges and seeks continued support from its users.

BRC-20 token standard is the Bitcoin blockchain equivalent to the ERC-20 token, which is the standard for fungible tokens on the Ethereum network, as opposed to ERC-721 tokens, the token standard for non-fungible tokens on Ethereum.

Understanding Bitcoin Ordinals

Bitcoin Ordinals, a class of non-fungible tokens (NFTs) on the Bitcoin blockchain, emerged in early 2023. Ordinals are serial numbers embedded in Bitcoin’s satoshis, which can be traded as rarities once assigned. Creators attach text and other media to satoshis, transforming them into NFTs through a process called inscription.

The concept of Ordinals was first introduced in January when Casey Rodarmor utilized the taproot upgrade to offer NFT options. Following this, several creators, including Yuga Labs, launched NFTs based on BTC. The BRC-20 token standard, an experimental fungible token standard, was created using Ordinals and Inscriptions and is stored on the Bitcoin blockchain.

As the saying goes, “Rome wasn’t built in a day,” and it seems the same applies to creating a secure and reliable BRC-20 wallet – a few hiccups are to be expected on the road to digital innovation.

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