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Bitcoin uses blockchain technology to maintain transactions order andprovides probabilistic guarantee to prevent double-spending, assuming that anattacker's computational power does not exceed %50 of the network power. Inthis paper, we design a novel bribery attack and show that this guarantee canbe hugely undermined. Miners are assumed to be rational in this setup and theyare given incentives that are dynamically calculated. In this attack, theadversary misuses the Bitcoin protocol to bribe miners and maximize theirgained advantage. We will reformulate the bribery attack to propose a generalmathematical foundation upon which we build multiple strategies. We show that,unlike Whale Attack, these strategies are practical. If the rationalityassumption holds, this shows how vulnerable blockchain-based systems likeBitcoin are. We suggest a soft fork on Bitcoin to fix this issue at the end.

Analysis of Bitcoin Vulnerability to Bribery Attacks Launched Through Large Transactions