Claim That This Altcoin Will ‘Disappear’: Whale Made Huge Sales!

Bitcoin core developer Luke Dashjr has expressed concerns that a vulnerability in Bitcoin Core has been exploited, causing spam to flow and causing network congestion. Dashjr revealed that these “Inscriptions” exploit a loophole that allows them to exceed transaction data size limits, potentially disrupting the network. This statement triggered reactions in the altcoin community, including criticism, concerns about the impact on miners, and a whale sell…

Warning came for Bitcoin Ordinals

Luke Dashjr explained that the upcoming v27 update for Bitcoin Core aims to eliminate the existence of ordinals and BRC-20 by addressing the vulnerability exploited by Inscriptions. Developers are working to resolve this issue, with the bug already fixed in Bitcoin Knots v25.1. However, the vulnerability persists in the upcoming v26 release, raising concerns about the stability of the network and its potential impact on unapproved transactions.

Dashjr explained that Bitcoin Core has had a mechanism since 2013 that allows users to limit the size of extra data in transactions via the “-datacarriersize” setting. Despite these security measures, Inscriptions managed to bypass the established limits and disguise its data as program code. The developer expressed hope for a timely solution before the release of v27 next year.

Bitcoin network is stuck

Dashjr’s announcement to stop support for ordinals and BRC-20 was met with criticism from the crypto community. Some argue that miners’ profits have increased with the introduction of Bitcoin sequence numbers and BRC-20, leading to concerns about potential revenue loss. f2pool co-founder Shenyu emphasized that Bitcoin does not work like Ethereum and that developers should not have unilateral decision-making authority.

The impact on the Bitcoin network is evident with over 250,000 unconfirmed transactions reported on mempool.space. Increasing data size usage impacts the Blockchain, causing congestion and delays; It is also evident that Upbit is facing BTC withdrawal delays due to network congestion.

Whale sold altcoins

As the crypto community reacted to the news, the market was also quick to respond. ORDI’s price fell 15% in one hour, falling from $65.19 to $51.89. Meanwhile, according to Lookonchain’s data, a whale seems to have been influenced by Dashjr’s tweets. Because after the developer’s tweet, he sold all 59 thousand ORDIs he had. This sale amounted to $3.54 million. Moreover, its profit was around $2.3 million. Whale withdrew ORDI worth $1.3 million from Binance on November 22, when the altcoin price was $20.