From History: Learn the story of the Bitcoin hack in 2010
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer From History: Learn the story of the Bitcoin hack in 2010
On August 15, 2010, Bitcoin had a rough day that almost died out for good.
Where someone hacked the bitcoin network and extracted 184.467 billion bitcoins, and the incident was called the “value exceeded” hack.
As we know, the founder of Bitcoin, Satoshi Nakamoto, has allocated approximately 21 million Bitcoins to be issued in total.
However, this unique incident made the mined value of Bitcoin much greater than that.
Which necessitated the intervention of Satoshi Nakamoto and the help of Mr. Gavin Andresen to solve this problem by deleting this transaction and the extracted value and re-issuing a new update called Bitcoin Version 0.3.1.
It is worth noting that the hacker managed to extract 80,004 bitcoins in a single transaction.
Read:Binance launches cryptocurrency lending with annual interest
Had it not been for the intervention of the developers, Bitcoin would have been dead, as its value becomes close to zero after it becomes easy to extract in unlimited numbers, and thus its value is completely absent.
The repair process took 5 hours from the incident, after it was first reported on Bitcointalk Forum.
The new update prevents Bitcoin from being extracted the way the hacker exploited it.
As for the development process, it was represented by the splitting of the Bitcoin network (hard fork) at the level of the original Bitcoin blockchain, and it was divided into two networks, the hacked network and the new network that carries the update and repair.
And because they were new, there was competition between them as to which networks would dominate.
Satoshi intervenes and urges the miners to use the new network and neglect the old one.
It only took 19 hours before the new network took over and became the main one we’ve been using until now.
Read:A fraudster manages to steal $ 63 million using crypto, arrest and torture him
As for the old one, it was completely neglected.
Read also:
Why can’t the blockchain be hacked?
What is the truth about customer data breach in Binance platform?
Over 100 AlphaPoint crypto exchanges exposed to hack
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time