A recent illicit block restructuring targeted the Bitcoin Satoshi Vision (BSV) network.
Because the hashrate remains inconsistent, Huobi has suspended BSV deposits and withdrawals.
Malicious actors targeted the Bitcoin SV network in an attempt to hide unlawful coin double-spending.
As long as the network is unstable, Bitcoin SV is vulnerable to double-spend assaults. One of the wallet addresses linked to the attack has a history of illicit conduct, according to supporters.
On July 8, the Bitcoin Association, a non-profit group based in Switzerland, announced the discovery of a double-spending assault targeting Bitcoin SV. The infrastructure team identified the attack while monitoring the network on a regular basis.
It was carried out as a block rearrangement attack in order to hide the illicit double-spending of BSV tokens. Due to the small number of nodes on the network, double-spending attacks are easier on Bitcoin SV. It does, in fact, have 199 nodes running, whereas Bitcoin (BTC) has around 83,000 nodes running right now.
Bitcoin SV diverged from Bitcoin Cash (BCH) in late 2018, and it shares the same vulnerability as BCH.
Bordalix, a Github user, had a 22 percent success rate on the BCH network double-spending in 2019. The same can be predicted on the BSV network, which is vulnerable to this exploit due to its zero confirmation process.
The Bitcoin Association intends to notify the attacker to law police and seek legal action against him. Exchanges have been notified, and they have been requested to halt deposits and withdrawals to BSV wallets until the problem is fixed.
The Bitcoin Association’s head of communications, Alex Speirs, said:
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./n
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