In an attempt to execute a “double spend” attack using Bitcoin Cash (BCH), an unidentified individual purportedly lost $2,000 purchasing a gift card worth $1,000, as reflected on Cryptonize.it transaction data.

The foiled attack tried leveraging on BCH’s 0-config feature, that which immediately broadcasts transactions with zero confirmation. However, the attempt to exploit the system has unexpectedly boomeranged, thereby doubling the transaction charges.

Cryptonize.it is an online shopping website that sells gift cards via BCH payments. The website aims to provide merchants a secured platform for offering their products while avoiding the volatility risks entailed to digital currency. Among the gift cards available on the website includes Amazon, Starbucks, iTunes, and Steam.

In a bid to demonstrate the security of BCH payment transaction, the company has challenged black hat hackers to attack their system, guaranteeing to neither report the incident nor press charges.

As Cryptonize.it co-founder Arian Kuqi explained:

“It started about a month ago, I noticed a lot of comments and posts about 0-conf and how it’s not safe to use. It’s understandable, people are stuck in their head with BTC problems and think the same goes for BCH. Having 0-conf on cryptonize.it, I started commenting and posting about it. Then, a user on reddit suggested I set up a challenge for people who were so confident 0-conf can’t possibly be reliable so one day later I did. A month went by, a lot of talk in the beginning but no action. Until one guy made it clear that he was going to try under the impression of an 80% shot in his favor. A couple of days later, it happened!”

Kuqi went on, planning to issue further challenges in the future:

“I’m going to keep coming with challenges until everybody is satisfied 0-conf is safe to use for any online retailer supporting Bitcoin Cash or until these trolls run out of money. My goal is to show merchants the benefits and safety of the Bitcoin Cash ledger and attract more adoption by merchants.”