ZenGo identifies “double-spending” vulnerability in major cryptocurrency wallets

ZenGo has discovered a vulnerability to double-spend attacks in some of the most popular cryptocurrency wallets.
The vulnerability, dubbed “BigSpender” was discovered in wallets like Ledger Live, Bread (BRD) and Edge.
Ledger and BRD have confirmed that they have fixed the issue.

Rajarshi Mitra Independent Analyst

ZenGo, a mobile wallet company, stated that most of the cryptocurrency wallets in the market are vulnerable to double-spending attacks. The vulnerability, dubbed “BigSpender” was discovered in wallets like Ledger Live, Bread (BRD), and Edge.

Double-spending is a potential exploit in digital assets that allows bad actors to spend the same coins more than once. It works by exploiting a flaw in Bitcoin’s replace-by-fee (RBF) feature, a failsafe that lets users swap an unconfirmed transaction with one that has a higher fee. ZenGo CEO, Ouriel Ohayon, said that the BigSpender vulnerability can cause significant financial losses and make a victim’s wallet completely unusable.

ZenGo disclosed the vulnerability to Edger, BRD and Ledger about three months ago and received Bug Bounty rewards from Ledger and BRD. Both companies have already fixed the issue. Ledger’s VP of Marketing, Benoît Pellevoizin, said:

Everything has been fixed in the most recent update that was released two days ago.

Pellevoizin noted that unconfirmed transactions will now be highlighted and users will be informed of them. He added that Ledger Live does not use funds from unconfirmed transactions when sending funds.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

Ripple falls below $1.20 despite Africa stablecoin payments push

XRP corrects to trade below $1.20 following early-week rejection at $1.28 and broader crypto market weakness. XRP remains under pressure from declining major moving averages, undermining the MACD buy signal.

Crypto Today: Bitcoin, Ethereum, XRP trim breakout gains as focus shifts to Fed decision

Cryptocurrency prices broadly decline as investors show caution toward risk assets ahead of the Fed's interest rate decision on Wednesday. Bitcoin (BTC) holds around $65,000 after correcting from its Monday high of $67,292.

Ondo Price Forecast: Multiple trendline rejections, fading bullish momentum warn of a steeper correction

Ondo price hovers around $0.3700 at press time on Wednesday, maintaining a broader corrective phase under the influence of a resistance trendline. Retail demand for ONDO remains firm, driven by the tokenization trend for traditional stocks and other Real World Assets.

Bitcoin steadies near $66,000 as markets await first Warsh-led Fed decision

Bitcoin steadies near $66,000 at the time of writing on Wednesday as investors await the Fed’s interest rate decision. Institutional demand shows slight improvement as spot Exchange Traded Funds recorded a mild inflow on Tuesday, after weeks of outflows.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.