Bitcoin Association (for BSV) is the Switzerland-based global industry organisation that supports the Bitcoin SV blockchain, one of the main chains of Bitcoin and the one which follows the original Bitcoin design. The Association provide the Bitcoin SV Node software and other infrastructure tools for the network.
Bitcoin Association and the BSV ecosystem have zero tolerance for illegal activity.
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 illegally double-spend coins.
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.
Given the nature of the illegal attacks being carried out, it is in the best interests of the entire blockchain and digital currency industry to halt the illegal activity as quickly as possible.
Bitcoin Association intend to file reports with appropriate law enforcement authorities and work with affected parties to pursue all available legal remedies. Since first identifying the malicious activity, the Bitcoin SV Infrastructure Team has collected and documented relevant data to provide to appropriate authorities.
In parallel, Bitcoin Association has communicated directly with exchanges about the ongoing illegal activity and have advised them to freeze deposits attempted from any addresses associated with the malicious actor’s illegal double-spend activity. This has become standard practice for exchanges when they receive notice of coin addresses that have been involved in thefts, hacks or other illegal activities. Some exchanges may elect to take additional protective measures at their discretion.
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.
Head of Communications
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