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Filecoin recorded impressive growth this week as soon as Grayscale announced that it officially launched 5 new hedge funds including Filecoin among them. But recently, a rare incident happened with this coin on the world’s leading exchange – Binance.
According to Filecoin miners at Filfox and FileStar, Binance addressed the “double spend” FIL issue on March 17 worth millions. This is not a real spend that exists on the chain, but Binance has verified the miner’s filecoin account twice, after one deposit due to fatal error in remote code (RPC). by Filecoin.
Double spend is a state that occurs when the same amount of money on a blockchain is spent twice. Bitcoin’s proof-of-work algorithm is designed to make this impossible. But it seems that the RPC code for Filecoin, a decentralized storage blockchain project built by Protocol Labs, has a loophole in which users could trick exchanges into accepting a double deposit.
Filfox and FileStar miners discovered the bug on March 17 after accidentally mining Filecoin. After trading 61,000 FIL (worth about $ 4.6 million) with the exchange, feeling it was taking too long, the team charged a fee with a “fee-for-replacement” (RBF) transaction to increase speed.
However, this RBF transaction resulted in the deposit shown in their Binance account doubling, turning 61,000 FIL into 122,000 FIL. The problem is that the 61,000 “free” FILs have yet to actually reach Binance’s wallet – Binance was tricked by a flaw in Filecoin’s RPC code. The team immediately notified Binance as soon as the incident happened.
The Filecoin team is working on a fix. As a result, the miners stated that deposits for Filecoin at Binance, Huobi and other exchanges have been suspended. However, Filecoin has denied that the vulnerability was caused by an RPC bug and instead thinks it stemmed from a mistake made by Binance.
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