On August 15, 2010, an unknown hacker almost destroyed Bitcoin. The hacker has generated 184,467 billion Bitcoins in its pure state in what is now known as Incident of excess value.
Satoshi Nakamoto quickly shoved the blockchain to remove the 184.467 billion Bitcoins, which is the only thing that prevented Bitcoin from dying from an untimely death that day.
Essentially, the Bitcoin transaction verification code did not work if the exits were so large that they overflowed when they were added together, and that a hacker discovered them and took advantage of them. It is supposed to have a fixed maximum bid of 21 million Bitcoins, but the hacker, in a single transaction, created 8,784 times more Bitcoins than ever before.
If this hack had not been fixed, Bitcoin would probably be dead at that time, which would mean that the entire crypto space, as we know it, would not exist. The price of bitcoin would have dropped to zero instantly when users would have realized that it could be hit at will. Bitcoin would have lost all its trust and reputation.
Satoshi Nakamoto, the infamous and anonymous creator of Bitcoin, created a code patch within 3 hours of the incident. first reported on Bitcointalk. The first Bitcoin developer, Gavin Andresen, worked alongside Satoshi to find a quick fix.
Within 5 hours of the incident, Satoshi released version 0.3.1 of Bitcoin, which prevented the future printing of Bitcoins through this feat and rewinded the blockchain to clear the 184.467 billion bitcoins hacked.
This was a difficult range, so two different versions of Bitcoin existed in the hours that followed the release of version 0.3.1. Satoshi closely monitored competing block chains and urged miners not to exploit the wrong channel, as it would take longer for the channel to become the dominant channel.
Only 19 hours after the beginning of the incident, the right chain became the dominant chain according to SatoshiThe wrong channel still existed and disrupted some users for at least the next day, but in the end, the good string generated from version 0.3.1 became the Bitcoin blockchain that everyone uses today.