By Makkie Maclang
The BSV network is recently the victim of attempted malicious attacks, and its fork detection tools have risen to the occasion and exhibited just how efficient they are. Due to these tools’ effectiveness and the quick response of Bitcoin Association’s developmental arm, the BSV Infrastructure Team, no BSV was lost or stolen during the attacks. Once reactive and preventive technical measures were in place, no further attacks were initiated.
“As part of regular monitoring of the network by the Bitcoin SV Infrastructure Team, the Association has been made aware of an illegal attack against the Bitcoin SV network. A malicious actor has recently been carrying out block re-organisation attacks on the Bitcoin SV network, which appear to be intentional acts in an effort to mask the illegal double-spending of coins,” Bitcoin Association, the Switzerland-based nonprofit organization pushing for the global adoption of the BSV blockchain, said in a public statement released immediately after the attacks were detected as malicious in nature.
Double spending is the act of spending coins at least two times. An appropriate analogy for it would be when someone uses a $20 bill to purchase a jacket and then uses that same $20 bill to buy a dress. In this sense, once inventory is made, products sold and total amount in the cash register would not tally. There would be a missing $20. Now, imagine if that $20 bill is used to buy an entire outfit, the amount lost would be significant. This is why double spending is a fraudulent act that is practically like stealing. Hence, it is illegal in every context. It is a good thing that no innocent party was victimized during the BSV attacks—thanks to the network’s superior tools.
Transactions and block size pulling away from Blockstream Core and BCH.
And attempted attacks on the network a few weeks ago netted zero profits and just wasted a bunch of the attacker’s money.
— Kurt Wuckert Jr 🦧 (@kurtwuckertjr) July 20, 2021
However, this will most likely happen again. Like all financial institutions, digital currency networks will be the target of malicious actors every now and then. Why? It is because these networks hold something valuable and something that can be monetized. While it is essential to develop highly capable detection tools such as what BSV has done to combat these attacks, it is also important to prevent these attacks through legal means. Law in blockchain is much needed in order to minimize criminals targeting cryptocurrencies.
“Blockchains cannot themselves prevent bad actors. But by working together with exchanges, miners, transaction processors and other industry participants, collectively we can facilitate a safe and trusted environment for users of the Bitcoin SV network. There have been prior attacks on other blockchains, and it is time that industry participants demonstrate that such attacks are in fact illegal—just as attacks against other financial systems are illegal—and will be met with legal enforcement action. The Association will continue to maintain a zero-tolerance stance for illegal activity on the Bitcoin SV network and will respond to all malicious actors and activities accordingly,” the Association said.
Bitcoin Association and the BSV Infrastructure Team are currently running a thorough investigation into the attacks. A criminal complaint has been filed, and all documented evidence will be submitted to authorities once the investigation is over. The Association is also in constant communication with exchanges in order to provide updates on the matter and reinstate BSV services, such as withdrawals, deposits and trading, at the soonest possible time. Many exchanges have actually restored BSV services.
Despite the BSV attacks, the network is operating as usual and BSV continues to be safe to use. The network continues its commitment to massive scaling in order to improve its capabilities and increase its utility for business from all kinds of industries. The release of the Teranode project, which will enable the BSV network to process over 50,000 transactions per second, will push through as scheduled later this year.
SOURCE Vestigo Finance