The software company NexTech AR Solutions has sold off all 130 of its BitcoinsBitcoins, worth roughly $4 million, citing recent reports of a possible “double spend” on the blockchainblockchain.
A double spenddouble spend happens when a blockchain processes the same data in two blocks—a potentially system-busting failure. Since faith in cryptocurrencies depends so much on the security of these impartial, decentralized systems, a single flaw can have far-reaching consequences for the market.
But analysts are suggesting the rumored “double spend” never happened at all.
BitMEX Research, the analytics blog for the BitMEX exchange, tweeted on Wednesday about the possibility of a “small double spend of around 0.00062063 BTC ($21).” CoinTelegraph then followed it up with a short piece titled “Bitcoin Double Spend Spotted in the Wild,” which appears to have worried some investors: the price of Bitcoindipped 11%, and remains in the low $30,000s.
[1/2] There was a stale Bitcoin block today, at height 666,833. SlushPool has beaten F2Pool in a race.
According toreports, BitMEX Research’s “stale” block may have just been the product of a routine split in Bitcoin’s blockchain, also known as a block reorganization. This would mean no Bitcoin was actually spent twice, and that the blockchain remains uncompromised.
An explainer from the pseudonymous blockchain researcher Hasu concludes that “we can know with very high certainty that the funds did reach their target destination and were not, in fact, double-spent.”
BitMEX Research followed up to clarify that what once looked like a “double spend” was actually an instance of RBF, or replace by fee.
NexTech is a software company that’s ignored the warning signs and followed the market to an extreme, dumping its entire Bitcoin stash in the wake of the initial “double spend” rumor. Evan Gappelberg, NexTech’s CEO, commented on the sell-off in a statement:
“This sale reflects our awareness that something potentially has changed with Bitcoin… If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both—essentially destroying the store of value it was meant to be. In light of this potential outcome, I have decided to move to cash as this story is still unfolding.”
1 There is an alarming amount of misinformation (fueled by the media) on what exactly happened to Bitcoin yesterday, and whether funds were "double spent"
Ethereum just lost one of its long-time institutional backers.
In a Thursday statement, algorithmic trading firm Two Prime announced it is dropping all exposure to Ethereum (ETH) and will exclusively manage and lend against Bitcoin (BTC) going forward, citing Ethereum’s unpredictable behavior, declining market momentum, and eroding institutional appeal.
Why Two Prime is Going BTC Only https://t.co/VtrQAUyGL0 pic.twitter.com/4BWVd8R7HM
— Two Prime (@Two_Prime) May 1, 2025
Two Prime didn’t say h...
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.”
The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...
New CertiK estimates suggest about $364 million was lost through crypto hacks, scams and exploits in April alone.
The cybersecurity firm says the vast majority of this total, $337 million, is related to phishing attacks.
#CertiKStatsAlert 🚨
Combining all the incidents in April we’ve confirmed ~$364M lost to exploits, hacks and scams after ~$18.2m was returned.
KiloEx, Loopscale and zkSync all had funds returned by whitehat exploiters.
~$337M of the total is attributed to phishing.
More… pic.tw...
