Bitcoin SV suspended on several crypto exchanges over risks of double spending attack

  • Bitcoin Satoshi Vision (BSV) community was attacked in a current unlawful block reorganization.
  • Huobi suspended BSV deposits and withdrawals because the hashrate stays unstable.
  • Malicious actors attacked the Bitcoin SV community in an effort to masks the unlawful double-spending of cash.

Bitcoin SV stays susceptible to double-spend assaults so long as the community is unstable. Supporters have recognized one of many pockets addresses related to the attack that has a historical past of criminality. 

Double-spending attack threatens the soundness of the Bitcoin SV community

The Bitcoin Association, a Switzerland-based non-profit group, shared information of a double-spending attack concentrating on Bitcoin SV on July 8. The attack was found throughout common monitoring of the community by the infrastructure staff. 

Described as a block reorganization attack, it was carried out in an effort to masks the unlawful double-spending of BSV tokens.  Double-spending assaults are simpler on Bitcoin SV as a result of restricted variety of nodes on the community. Indeed, it has a complete of 199 nodes working whereas Bitcoin (BTC) has over 83,000 nodes presently lively.  

Bitcoin SV forked from Bitcoin Cash (BCH) in late 2018, and it’s affected by the identical vulnerability that was recognized within the latter.

In 2019, Github consumer Bordalix had reached a 22% success charge on double-spending on the BCH community. The similar may be anticipated on the BSV community because the zero affirmation algorithm makes it susceptible to this exploit.

The Bitcoin Association plans to file stories with regulation enforcement authorities and pursue authorized motion towards the attacker. The organisation has alerted exchanges and requested them to freeze deposits and withdrawals to BSV wallets till the problem is resolved. 

Alex Speirs, head of communications on the Bitcoin Association stated:

The Association will proceed to take care of a zero-tolerance stance for criminality on the Bitcoin SV community and can reply to all malicious actors and actions accordingly.

Recommended For You

About the Author: Daniel