Fake information is circulating online about the recent malicious attacks on the Bitcoin SV network .
To rectify this and ensure that the true story is spread, Bitcoin Association, the Swiss-based non-profit organization that promotes the global adoption of the BSV blockchain, has released a public statement answering Frequently Asked Questions (FAQs) about malicious attacks. .
Below are some important points from the FAQ that serve to set the record straight.
The recent attacks against BSV blockchain (just like against any financial system) are illegal. We respond accordingly.@BitcoinAssn & @BitcoinSVNode teams have been working to investigate, implement response measures, talk with exchanges + more.
— Jimmy Nguyen (@JimmyWinSV) July 15, 2021
The assumptions of detractors about the attacks on Bitcoin SV with respect to what really happened
While some have speculated that a ” 51 % attack ” (which is itself a wholly inaccurate description) occurred on the network, what actually happened was a series of blocking attacks with holding or reorganization on the BSV blockchain instigated by an unknown miner who goes under the moniker “Zulupool”. The Bitcoin Association further states that it believes the attacker is an impersonator of a Hathor miner using the same handle.
The association said:
“Just a few months ago, an operator using the same pseudonym ‘Zulupool’ carried out a profound reorganization of the blocks of the Bitcoin ABC (BCHA) chain . While we cannot independently confirm that this is the same entity responsible for the recent attacks on BSV, the BCHA chain incident had similarities in methodologies and features with the rearrangement attacks on BSV, and also used the same name Zulupool ; these factors strongly suggest that it is the same actor ”.
Something seems to be happening with BSV. Every major exchange, and now even the liquidity providers are abandoning it. Perhaps related to the 51% attack.
It's interesting to watch a cryptocurrency collapse in real time. People can't even sell. Deposits disabled everywhere. https://t.co/1IyliQ6NQY
— Cøbra (@CobraBitcoin) July 13, 2021
The first BSV attack occurred on June 24, followed by three others on July 1, 6, and 9, 2021. According to the Bitcoin Association, a reorganization of blocks is “a feature of the Bitcoin system when they occur organically and are used to align participants. and the nodes of the network “. Because they can occur naturally within the system, the first two blocking reorganizations were not immediately flagged as malicious attacks.
The Association explained:
“Since the malicious nature of the reorganizations on the Bitcoin SV network was identified following the July 6 attacks, the Bitcoin SV Infrastructure Team has taken action to both help secure the network and gather evidence of illegal activity. . This information is collected and shared at regular intervals with the legal team of the Bitcoin Association. Representatives of the Bitcoin Association have already started contacting the relevant police authorities. Bitcoin Association is also preparing to file criminal complaints in one or more relevant jurisdictions; its constituents concerned can also initiate proceedings independently ”.
The Association and the BSV infrastructure team already have reactive and preventive measures in place; and there have been no other attacks since July 9.
Speaking of restrictions, not abandonment, of BSV services on exchanges
The Bitcoin Association has remained true to its position that withdrawal, deposit and trading services should remain alive and active. Rather, they advised exchanges to implement additional protective measures to isolate them from the possibility of future attacks, including extending the required number of block confirmations to 20, freezing deposits from addresses identified in the double spend attack, as well as active monitoring of the blockchain for any reorganization attempt.
The association is in constant communication with the exchanges in order to restore BSV services as soon as possible. In fact, several exchanges, including Gravity, have already begun restoring BSV’s withdrawals, deposits and trading.
— Gravity (@GravityEco) July 14, 2021
The Association stated:
“The Bitcoin SV network remains safe to use and is functioning as usual. However, in the short term, the Bitcoin Association recommends sending and receiving BSVs only between identified parties where possible. When making transactions with unknown or untrusted parties, for a transitional period, it is advisable to wait at least 20 block confirmations before considering the transaction safe and resolved ”.
The BSV network continues to reiterate its zero tolerance policy for illegal attacks . The entire BSV ecosystem will not be shaken by a malicious actor and will continue to pursue its vision of global adoption of the BSV blockchain.