What is happening to Bitcoin Cash?

[Nick Robinson]

[Ilija Rankovic]

As you might know, Bitcoin Cash has had some problems with its mining, and the security of the protocol. Bitcoin Cash seems to have experienced a two-block chain reorganization resulting in a 3,392 BCH (about $1.35 million at press time) double-spend after its hard fork that occurred on May 15th. However, while nothing is confirmed yet, there is almost no doubt that this is true. As BitMex reported, the recent BCH hard fork experienced some issues. Firstly, a bug that was evidently exploited by an attacker right after the hard fork, which made them able to “broadcast transactions which met the mempool validity conditions but failed the consensus checks.” When this happened, miners that were attempting to produce blocks could not do that. Instead, they were producing empty blocks, which resulted in miners being concerned about "causing a consensus chainsplit.” “Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original ‘thief.’” – was stated in the BitMex report.