Ad

Bitcoin SV (BSV) deposits blocked on crypto exchanges following the recent attack

By:
on Jul 10, 2021
Listen
  • Several crypto exchanges have suspended deposits and withdrawals of BSV tokens on their platforms.
  • This is in reaction to the recent attack on the Bitcoin SV network.
  • The Bitcoin SV Association says it will be taking legal actions against the perpetrators.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Developers of the recently attacked Bitcoin SV have identified a wallet address on the platform linked with a series of illegal activities.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

The attack, according to reports, was undertaken to cover up the illegal double-spending on BSV tokens. These types of attacks are not difficult on Bitcoin SV (BSV/USD) because the network has a limited number of nodes. While Bitcoin (BTC/USD) has more than 83,000 nodes, Bitcoin SV only boasts of mere 199 nodes.

BSV deposits now suspended across exchanges

Copy link to section

Bitcoin SV engaged several exchanges on the possibility of offering its tokens on their platforms. However, following the attack, BSV has been suspended on the exchanges until the situation is cleared. BSV has also asked the exchanges to freeze deposits of the addresses allegedly carrying out illegal activities. Some exchanges, including Huobi, have also set such a plan in motion. Presently, deposits and withdrawals have been disabled on the Huobi platform.

Zero-tolerance on illegal activities

Copy link to section

Head of communications at Bitcoin Association, Alex Speirs, stated that the network has always maintained a zero-tolerance when it comes to illegal activities on the platform. He said the association will continue to act swiftly against malicious activities and their perpetrators on the network.

The double-spending attack was announced by the Association after identifying one of them addressed that has regularly faced illegal activities and ransomware attacks. The organization announced,

The Association has been made aware of an illegal attack against the Bitcoin SV network.

Copy link to section

When Bitcoin SV was forked from Bitcoin Cash (BCH/USD) three years ago, the plan was to stop the vulnerability suffered by the parent network. However, it seems the same vulnerability issue is still affecting the platform.

After the latest attack, the developers of the platform reported the issue to law enforcement in a bid to take legal actions against the attackers.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
Bitcoin SV Crypto