The Bitcoin Association has stated that the attackers will face legal punishment as a result of the double-spend attacks.
Market commentators have chastised Bitcoin SV software node suppliers for creating a network that is vulnerable to re-org attacks.
The Bitcoin Satoshi Vision (BSV) network was attacked earlier this week in an unlawful block restructuring. Due to the network’s instability, the Bitcoin SV network is prone to double spends.
The Bitcoin Association, based in Switzerland, released the news of the double-spending attack on Thursday, July 8. One of the wallet addresses has a history of ransomware attacks and illicit conduct, according to the association. The Association has been made aware of an illegal attack against the Bitcoin SV network, according to the official announcement. On the Bitcoin SV network, a hostile actor has recently been carrying out block re-organization assaults, which appear to be deliberate attempts to hide unlawful coin double-spending.
The Association will continue to take a zero-tolerance approach to illicit conduct on the Bitcoin SV network, and will take appropriate action against any hostile actors or activities.
The Bitcoin Association has stated that legal action will be taken against the attackers. It stated that the Association had discovered the hostile behavior and had produced all necessary legal documentation.
Several cryptocurrency exchanges have suspended BSV.
Meanwhile, the Bitcoin Association has been in talks with a number of well-known exchanges to give support for BSV coins in light of the ongoing unlawful behavior. The Association has also requested that deposits from the addresses linked to the unlawful conduct be frozen by exchanges. Huobi, a cryptocurrency exchange, was one of the first to take action in this regard.
Investors have chastised the Bitcoin Association and exchanges for taking such drastic measures so quickly. Huobi has stopped BSV deposits and withdrawals, according to Scott Barr, co-founder of tokenized.com. This adjustment was not announced in advance. They claim that ERC20 and Heco can be used. To me, that’s pointless. This is not the exchange for you if you want to buy and utilize BSV. It appears that I will require a new exchange.
Willy Woo, a well-known crypto expert, called the Bitcoin SV network a “game-theoretic network.” He also referred to the design as “brain dead” and blamed the creators for the flaw.
The Blockchain Association defended its position by stating that blockchains cannot prevent rogue actors on their own. However, by collaborating with exchanges, miners, transaction processors, and other industry participants, we can provide a safe and secure environment for Bitcoin SV users.
Keeping Block Re-Orgs at Bay
The Bitcoin SV group has also been encouraged by the Dash blockchain to use ChianLocks to prevent future damage. Dash is also the creator of the ChainLocks implementation, which prevents reorganization.
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