Bitcoin Ecosystem Rallies to Repel Doomed Re-Org Attacks

Written by:
Aaron Goldstein
Published on:
Aug/05/2021

The block re-organization attack on the Bitcoin SV network continues but appears to be under control.

coinbase_0.gif

The statement confirms that the attacks against the Bitcoin SV network—which started in early July—have resumed this week and are perpetrated “by a malicious actor attempting to illegally double-spend BSV coins.”

The attacks work like this: a miner accumulates hash power and creates a chain of competing BSV blocks in secret, which contain transactions written to benefit the attacker, such as by double-spending BSV by appearing to deposit it into an exchange wallet.

In general, when two versions of the same blocks are mined, the longest chain is the one accepted by the system. Therefore, if an attacker can collect enough hash power, they can create a chain at a faster rate than their honest counterparts which will also make it the longest.

There is a risk that attackers may be able successfully deposit BSV from the attack with an exchange and then trade those for legitimate assets before the exchange is able to confirm the deposit.

There does not yet appear to be any evidence that individual users have suffered any loss as a result of the attacks.

Bitcoin Association has sent a strong message that the attackers will be brought to justice, although it was not yet clear who is behind the attack at this time.

- Aaron Goldstein, Gambling911.com

Business/Financial News

Odds on Tariffs - Betting Markets

Facing a global market meltdown, Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised the tax rate on Chinese imports to 125%.

Looking for the best Pay Per Head Website?

The pay per head service has come to stay, as a great alternative for bookies who want to clear away from having to deal with the hassle and expense of having to establish their own land based operation but want to enjoy the benefits of having their own professional online presence.

Syndicate