|More from: | HackerNoon |||
On Aug. 15 2010, an unknown hacker nearly destroyed Bitcoin. The hacker generated 184.467 billion Bitcoin out of thin air in what has become known as the Value Overflow Incident.
Satoshi Nakamoto quickly hard forked the blockchain to remove the 184.467 billion Bitcoins, which is the only thing that saved Bitcoin from dying an early death that day.
Essentially, the code for checking Bitcoin transactions did not work if outputs were so large that they overflowed when summed, and a hacker figured this out and took advantage of it. There is supposed to be a fixed maximum supply of 21 million Bitcoin, but the hacker, in a single transaction, created 8,784 times more
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