The initial transaction used a “default or conservative” fee setting. The user’s first RBF attempt doubled the fee and altered the output address. But instead of confirming either of these transactions, a final RBF with a dramatically higher fee overrode them, causing the entire amount of the change — 0.75 BTC — to be included as miner reward.

Satoshi Error or Bug in Wallet Script?

According to Anmol Jain, VP of Investigations at AMLBot, the user may have made a simple yet costly mistake in fee calculation. Jain suggested the user likely meant to enter 30.5692 sat, but accidentally typed 305,692 sat — or confused sat/vB with total satoshis.

Another theory is that an automated wallet script contained a miscalculation. Some wallets allow fee settings in sats/vB, and such confusion can arise if the system interprets a small value as too low and prompts the user to increase it. Jain explains:

“User types 305000 thinking it’s 30.5 sat/vB, but the wallet applies 305,000 sat/vB — which is insane.”

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The mistake caused the wallet to treat a full UTXO of nearly 0.75 BTC as a transaction fee, likely due to not properly updating the change address or misreading the transaction structure. Both earlier transactions remained unconfirmed while the highest-fee version went through.

RBF: Flexible Feature or Dangerous Tool?

Replace-by-fee is a controversial but core feature in Bitcoin. It allows users to replace unconfirmed transactions with higher-fee versions. Miners, motivated by profit, are expected to confirm the version that offers a higher reward.

This mechanism has sparked debate. In 2019, Bitcoin Cash advocate Hayden Otto claimed RBF enabled double-spending. Bitcoin Cash removed RBF support and claimed unconfirmed transactions on its network were final and trustworthy.

Despite this, RBF-like behaviors have occurred on Bitcoin Cash as well, showing that this feature is more a result of blockchain dynamics than a standalone switch.

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Governor of the Reserve Bank of Fiji, Ariff Ali, also addressed the region’s increased promotion of crypto investment schemes, stating that the RBF “has not licensed nor authorized any person or entity to offer cryptocurrency investments or trade in virtual assets in Fiji.”

“Therefore, the public is strongly advised to refrain from participating in cryptocurrency investment or trading schemes currently being promoted in Fiji,” said Ariff Ali.

Fiji’s central bank also emphasized that it is prohibited for people or businesses to buy or invest in cryptocurrency using assets kept in Fiji, underscoring that such acts “may be subject to penalties.”

The RBF’s position on cryptocurrency investments has shifted over time. In July 2023, news arose stating that Fiji’s central bank was investigating the use of digital currencies. However, no firm decisions on cryptocurrency legality have been taken since then.

Furthermore, in late December 2023, crypto.news reported on a partnership between the Reserve Bank of Fiji and the National Bank of Cambodia to develop a cross-border payment network using central bank digital currencies (CBDCs). Nonetheless, there have been no signs of major progress on this issue thus far.

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post Reserve Bank of Fiji Warns Against Crypto Investments Amid Legal Tender Status Concerns appeared first on Coin Engineer.