CoinGeek Crime Bounty Program Launched to Identify Person Behind Recent BSV Attacks – Latest Hacking News

The BSV network has been victimized recently by two sets of malicious block reorganization attacks. The first one occurred on June 24, July 1, 6 and 9, while the second series happened just last August 4 and 5. It is believed that the same attacker is responsible for all the attacks.

Gathering enough hash power, an unknown miner who goes by the handle “Zulupool”—believed to be someone impersonating a Hathor miner who goes by the same moniker—has created fraudulent chains in order to supposedly mask the double spending of BSV coins. All of these attacks have been successfully repelled and the fraudulent chains have been invalidated by executing the invalidateblock command. There have been no further attacks since August 5.

“As the Bitcoin White Paper makes clear, invalid blocks are rejected by the system, and invalid blocks are those containing invalid transactions, such as double spends. As also assumed in the white paper, node operators are able and willing to consider the fraudulent chain as invalid and have every reason to execute the invalidateblock command released by the Bitcoin SV camp. When they do, the double spend ceases to be a part of the blockchain,” Kurt Wuckert Jr., author and chief Bitcoin historian, explained in an editorial about how the BSV attacks were doomed to fail.

Because of the swift response of the BSV Infrastructure Team and other stakeholders, no BSV coins have been double spent, and it is unclear what the motives were behind the attacks if not the obvious double spending of coins. Many are concurring that a possible motive might be to inflict reputational harm on the BSV network as it continues to scale and create a blockchain that has utmost utility for different industries, unlike most digital currencies that have the sole purpose of trading.

However, as supporters point out, the BSV network can be deluged with malicious attacks, but as long as it can withstand it, BSV will only grow stronger. It will also prove detractors wrong and show them just how resilient and superior the network’s detection tools and security measures are that it cannot be damaged by these petty attacks.

Even if the network has not been technically damaged and no BSV coins were double spent, the fact still remains that these recent BSV attacks are an annoyance and insult to the honest miners working hard on the BSV blockchain. Furthermore, these acts are criminal in nature, and highlights the need for law and regulation in blockchain.

This is why avid BSV supporter Calvin Ayre, billionaire, philanthropist and founder of blockchain conglomerate CoinGeek, could no longer sit still and watch as the BSV network gets attacked maliciously. Whatever the motive is, Ayre wants the perpetrator to be identified and punished in the court of law. Using his personal money, Ayre is funding the CoinGeek Crime Bounty Program and “promises substantial rewards for information that materially results in convictions for crimes committed in the BSV ecosystem.”

Rewards will be negotiated depending on how useful the information provided will be. Ayre specifically points out that the multi-million bounty program is not a one-time thing that will end after the culprit of the BSV attacks has been caught. It is going to be a long-term effort with the goal of establishing law and order within the world of digital currencies.

“If the digital currency sector wants to be taken seriously, it needs to both acknowledge the rot at its core and take the appropriate actions to excise that rot so that the healthy sections can thrive. The CoinGeek Crime Bounty Program is intended to help root out the crypto criminals and clear the way for builders to finally realize the massive benefits this sector has to offer.”

Anyone who can provide useful tips about the BSV attacks are encouraged to submit their information on the contact us page of CoinGeek and choose the “Report Crime” option in the form.

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