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Malicious Actor’s Attempted Attacks on BSV Network Shows Need for Law in Blockchain



Malicious Actor’s Attempted Attacks on BSV Network Shows Need for Law in Blockchain

17:28 27 July 2021

Categories : Technology


A malicious actor, who is an unknown miner going by the moniker “Zulupool,” has recently attempted a series of block withholding or reorganization attacks on the BSV network in what appears to be a deliberate act to disguise coins being double spent. It must be noted that Bitcoin Association, the Switzerland-based nonprofit global industry organization pushing for the enterprise adoption of the BSV blockchain, believes that the attacker is impersonating a Hathor miner who has long since gone by the handle “Zulupool.” These kinds of attacks are highly illegal and only goes to prove that law in blockchain is necessary in the cryptocurrency world. They happen every now and then, and even popular digital currencies BTC and BCH have also been recently under attack.

 

“The Bitcoin SV Infrastructure Team have identified one of the addresses connected with the attack (1G47mSr3oANXMafVrR8UC4pzV7FEAzo3r9) as being long associated with ransomware and other attacks on the BTC, BCH and BSV chains—so the malicious actor is engaged in illegal activity which could involve also BTC and BCH, and not just the BSV network,” Bitcoin Association stated in its public statement about zero tolerance for illegal attacks.

 

And this is why Bitcoin Association is setting the standard in dealing with these kinds of fraudulent activities by implementing a zero tolerance policy. A comprehensive investigation is currently underway, which also serves to collect and document every minor detail that can act as evidence against the malicious attacks. A criminal complaint has been filed to demonstrate that these kinds of attacks will not be condoned at present and in the future. 

 

“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 stated.

 

 

As a follow-up and to serve as a more detailed public statement, Bitcoin Association has also released answers to the most frequently asked questions about the malicious attacks. In parallel with these legal efforts, technical measures have been put up in order to secure the network, and no further attacks have been made since then. It is highly important to note that there has been no reported BSV missing or stolen since the attacks. 

 

“Bitcoin Association, together with its development arm, the Bitcoin SV Infrastructure Team, have undertaken certain technical measures to respond to the malicious actions of the ‘Zulupool’ impersonating-miner and to mitigate the impact of any potential future attacks. This includes coordinating with miners and transaction processors on the Bitcoin SV network to implement both reactive and preventative measures—including fork detection tools that enable ecosystem participants and partners to move expeditiously in the face of attacks. Since these measures have been initiated, there have so far been no further attacks on the network,” the Association explained.

 

Bitcoin Association reassures all BSV users and exchanges that BSV is still safe to use. The BSV network has likewise been operating as it normally would. The Association is continuously providing updates and communicating with exchanges in order to restore BSV services at the soonest possible time. In fact, many exchanges have already resumed BSV services, which include withdrawals, deposits and trading. Despite the failure of these attempted block reorganization attacks, the fact still remains that law in blockchain is needed. It is something that all stakeholders within the world of digital currencies should act upon. 

 

 
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