News about the previous series of attacks on the BSV network, which occurred on June 24 and on July 1, 6 and 9, 2021, has not fully died down, and the network has been attacked yet again on August 4. This goes to show that these BSV attacks are malicious in nature and may have the goal of damaging BSV’s reputation more than double spending coins. Twitter has been abuzz with conspiracy theories that even point to BTC as the one behind the attacks in order to supposedly derail BSV’s continued strides in creating a useful technology for mass adoption.
In fact, no coins have been double spent during these attacks, and they have continued to fail as the network’s robust security infrastructure and efficient detection tools have proven their worth. Knowing that the network is fully prepared to repel these malicious block reorganization attacks and having continued to fail at double spending BSV coins, why would the attacker continue to attack? It can even be said that the attacks were doomed to fail from the start, which leaves the motives behind the attacks even more suspicious.
“First off, the response from the Bitcoin SV Infrastructure Team was swift. After discovering the attack, they disseminated a command for nodes to use to invalidate the two fraudulent chains as well as a third one currently being attempted. The command—which has been a part of Bitcoin since the early days of BTC—will immediately return the node to the chain supported by honest miners, essentially freezing out the fraudulent chain. Secondly, the honest hash power of the network is enough to consistently repel attacks like this,” Chief Bitcoin Historian Kurt Wuckert Jr. explained.
In the most recent update by Bitcoin Association on August 5, the third attempted block reorganization attack has been successfully repelled, along with the two previous ones on August 4. Bitcoin Association has also provided details of the three latest attacks, as well as how node operators can invalidate the fraudulent chains just by running the commands below.
- bitcoin-cli invalidateblock 000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840
- bitcoin-cli invalidateblock 0000000000000000093f564e9849e80b7d043ebf72a75b57b849fad3d23d27d7
- bitcoin-cli invalidateblock 0000000000000000085e09942ff3af4282d90ec5d2f566294b2a0e0f6c246501
No attacks have been made on the BSV network since the third one on August 5. Although no BSV coin has been double spent and no user or exchange has complained about being victimized by the attacks, the fact still remains that the negative press targeted at BSV has caused slight damage to its reputation. Furthermore, BSV services have been paused by some exchanges during the July attacks, which all may lead to the conclusion that reputational harm could have been the end goal of the malicious attacker, which is believed to be the same one who instigated both series of attacks.
CoinGeek founder, billionaire and philanthropist Calvin Ayre is shelling out his personal money in order to prevent further attacks and unmask the malicious actor behind the highly illegal attacks. The multi-million dollar CoinGeek Crime Bounty Program has been launched on August 6, and it “promises substantial rewards for information that materially results in convictions for crimes committed in the BSV ecosystem.” The amount of the reward depends on how good the information submitted is.
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