The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.
The idea is that miners would prefer the second transaction which is faster and reject the first one as double-spend.
If you observe well with etherscan.io, you can always accelerate your transaction or override it.
Perhaps you have other experiences as regards flash coin, i will read and learn below
Your subject does not really correlate with your description..
But from the post, i can confirm to you that yes, it is possible to send a bitcoin transaction to wallet a, then divert the funds to wallet b with a faster transaction fee.
That is why when you are buying bitcoin, you must always use an escrow or perhaps make sure the bitcoin ticks a confirmation before release of funds.
And i have not seen anything like flash coin