BSV 51% Attack Repelled - Revision history

Azoundria at 18:27, 3 May 2023

2023-05-03T18:27:48Z

← Older revision		Revision as of 12:27, 3 May 2023
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	In the end, the attack was "repelled" successfully. Anyone who mined on the longest chain lost their mining rewards and transaction history was rewritten, but the double spend was prevented.		In the end, the attack was "repelled" successfully. Anyone who mined on the longest chain lost their mining rewards and transaction history was rewritten, but the double spend was prevented.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="cointelegraph-3223" /><ref name="yahoostyle-3224" /><ref name="coindesk-3225" /><ref name="bitcoinassntwitter-2781" /><ref name="bloomberg-3226" /><ref name="coinmetricstwitter-3227" /><ref name="newsdotbitcoin-3228" /><ref name="nikzhtwitter-3229" /><ref name="bitcoinassociation-3230" />
	<ref name="cointelegraph-3223" /><ref name="yahoostyle-3224" /><ref name="coindesk-3225" /><ref name="bitcoinassntwitter-2781" /><ref name="bloomberg-3226" /><ref name="coinmetricstwitter-3227" /><ref name="newsdotbitcoin-3228" /><ref name="nikzhtwitter-3229" /><ref name="bitcoinassociation-3230" />

	== About Bitcoin Association ==		== About Bitcoin Association ==
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	!Description		!Description
	\|-		\|-
	\|August 3rd, 2021 ~~12:00:00 AM~~		\|August 3rd, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==

Azoundria at 03:55, 23 February 2023

2023-02-23T03:55:02Z

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bsv51attackrepelled.php}} Bitcoin AssociationThe bitcoin SV blockchain underwent a reorganization, when a hacker was able to gain more computational power than the rest of the network. The Bitcoin Association acted by requesting all node operators to discard the longer chain, which created a period of confusion where different nodes were mining different chain..."

2023-01-27T21:10:45Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bsv51attackrepelled.php}} thumb|Bitcoin AssociationThe bitcoin SV blockchain underwent a reorganization, when a hacker was able to gain more computational power than the rest of the network. The Bitcoin Association acted by requesting all node operators to discard the longer chain, which created a period of confusion where different nodes were mining different chain..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bsv51attackrepelled.php}}

[[File:Bitcoinassociation.jpg|thumb|Bitcoin Association]]The bitcoin SV blockchain underwent a reorganization, when a hacker was able to gain more computational power than the rest of the network. The Bitcoin Association acted by requesting all node operators to discard the longer chain, which created a period of confusion where different nodes were mining different chains. Those who did not hear and obey the Bitcoin Association continued to mine the longer chain.

In the end, the attack was "repelled" successfully. Anyone who mined on the longest chain lost their mining rewards and transaction history was rewritten, but the double spend was prevented.

This is a global/international case not involving a specific country.

== About Bitcoin Association ==
"At around 11:45 pm (UTC+8) on Aug. 3, the BSV network suffered a malicious 51% attack as predicted, resulting in three versions of the Bitcoin SV blockchain being mined simultaneously and the reorganization of 14 blocks." ""Bitcoin SV (BSV), a version of an early Bitcoin fork called Bitcoin Cash (BCH), suffered a massive 51% attack on Tuesday that was still underway as of 7:30 am UTC on Wednesday, according to experts." "The attack caused chaos in mining pools and the blocks were generated on three forks at the same time."

"While many crypto exchanges were not prepared for the attack, Huobi detected the risk more than a month ago thanks to its advanced risk control systems. As a result, Huobi took preemptive measures to guard its users’ assets and remained the only exchange unaffected by the attack." "Huobi was the first exchange trading platform to discover the potential of a BSV-related risk and took control measures a month earlier than any other platform, including Coinbase, thanks to its top risk control team and capabilities. During its eight years of operation, Huobi is the only exchange that has operated safely without any security incidents for nearly a decade."

"According to [Kim] Nilsson, the first reorg on Tuesday was about 100 blocks deep. Nikita Zhavoronkov, the lead developer at Blockchain analytics platform Blockchair, agreed in a tweet, adding that it wiped 570,000 transactions."

"The Bitcoin Association recommended that node operators invalidate the fraudulent chain." "To invalidate the fraudulent chain, node operators should run the following command on their #BitcoinSV node: bitcoin-cli invalidateblock 000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840 Please reach out on Twitter with any questions for the BA team."

"This mitigation strategy has “further split the network as different nodes now disagree on the current chain tip,” Nilsson said." "Coin Metrics said late on Tuesday that the attack had ended, but that there was still confusion between mining pools. Pools are mining on "completely different" block heights at the moment, Nuzzi told CoinDesk in a message late on Tuesday."

"There is no "clear indication" of the attacker's identity, and Coin Metrics is still looking into the attacker's chain for "traces of double spends targeting exchanges," Nuzzi said."

“There is so much hatred” in the competitive world involving Bitcoin, Bitcoin Cash and Bitcoin SV, said Konstantin Richter, chief executive officer and founder of Blockdaemon, a blockchain infrastructure provider. “It’s a simple ploy to get BSV kicked off exchanges in my eyes.”

"At the time of writing, data from Coin Dance shows the miner Taal has 47.6% of the BSV hashrate and 27% belongs to unknown stealth miners. Taal is considered an honest and protective mining operator within the BSV community."

"The mining operator Taal has been able to capture 15 blocks in a row while this article was written. According to the blog post written by Speirs which also contains developing updates: “In the last 12 hours, two illegal chains created by the attacker have been successfully repelled.”"

"Bitcoin Association and the Bitcoin SV Infrastructure Team continue to monitor the situation around the clock; however, it remains critically important that infrastructure providers and ecosystem partners continue to invalidate illegal forked chains to protect the network and its users."

"We believe that exchanges should implement these measures as best practice whenever fraudulent chains with attempted double-spend transactions are detected; these actions are illegal on any blockchain and with any digital currency, not just on BSV."

"The third attempted attack on the network has been successfully repelled. The attacker again created an illegal fraudulent chain. As of the time of posting, there have been no further attempted attacks on the network."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - BSV 51% Attack Repelled
!Date
!Event
!Description
|-
|August 3rd, 2021 12:00:00 AM
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|}

== Total Amount Lost ==
No funds were lost.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Which policies could have prevented this event from happening?

== References ==
[https://cointelegraph.com/press-releases/bsv-attack-averted-by-huobis-proprietary-risk-control-systems BSV attack averted by Huobi’s proprietary risk control systems] (Aug 21)

[https://ca.style.yahoo.com/bsv-suffers-51-attack-report-020910445.html BSV Suffers 51% Attack: Report] (Aug 21)

[https://www.coindesk.com/markets/2021/08/04/bsv-suffers-51-attack-report/ CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data] (Sep 19)

[https://twitter.com/BitcoinAssn/status/1422668065024663554 @BitcoinAssn Twitter] (Aug 28)

[https://www.bloomberg.com/news/articles/2021-08-04/crypto-coin-bitcoin-sv-appears-to-have-suffered-a-51-attack Bloomberg - Are you a robot?] (Sep 19)

[https://twitter.com/coinmetrics/status/1422654639653244935 @coinmetrics Twitter] (Sep 19)

[https://news.bitcoin.com/bitcoinsv-chain-suffers-51-attack-analyst-claims-bsv-network-experienced-a-100-block-reorg/ Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg – Bitcoin News] (Sep 19)

[https://twitter.com/nikzh/status/1422619293695549441 @nikzh Twitter] (Sep 19)

[https://bitcoinassociation.net/statement-on-august-2021-block-re-organisation-attack-on-the-bitcoin-sv-network/ Updated: Statement on August 2021 block re-organisation attack on the Bitcoin SV network - Bitcoin Association] (Sep 19)

← Older revision		Revision as of 21:55, 22 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bsv51attackrepelled.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bsv51attackrepelled.php}}
			{{Unattributed Sources}}

	[[File:Bitcoinassociation.jpg\|thumb\|Bitcoin Association]]The bitcoin SV blockchain underwent a reorganization, when a hacker was able to gain more computational power than the rest of the network. The Bitcoin Association acted by requesting all node operators to discard the longer chain, which created a period of confusion where different nodes were mining different chains. Those who did not hear and obey the Bitcoin Association continued to mine the longer chain.		[[File:Bitcoinassociation.jpg\|thumb\|Bitcoin Association]]The bitcoin SV blockchain underwent a reorganization, when a hacker was able to gain more computational power than the rest of the network. The Bitcoin Association acted by requesting all node operators to discard the longer chain, which created a period of confusion where different nodes were mining different chains. Those who did not hear and obey the Bitcoin Association continued to mine the longer chain.
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	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="cointelegraph-3223" /><ref name="yahoostyle-3224" /><ref name="coindesk-3225" /><ref name="bitcoinassntwitter-2781" /><ref name="bloomberg-3226" /><ref name="coinmetricstwitter-3227" /><ref name="newsdotbitcoin-3228" /><ref name="nikzhtwitter-3229" /><ref name="bitcoinassociation-3230" />

	== About Bitcoin Association ==		== About Bitcoin Association ==
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	== References ==		== References ==
	[https://cointelegraph.com/press-releases/bsv-attack-averted-by-huobis-proprietary-risk-control-systems BSV attack averted by Huobi’s proprietary risk control systems] (Aug 21)		<references><ref name="cointelegraph-3223">[https://cointelegraph.com/press-releases/bsv-attack-averted-by-huobis-proprietary-risk-control-systems BSV attack averted by Huobi’s proprietary risk control systems] (Aug 22, 2021)</ref>

	[https://ca.style.yahoo.com/bsv-suffers-51-attack-report-020910445.html BSV Suffers 51% Attack: Report] (Aug 21)		<ref name="yahoostyle-3224">[https://ca.style.yahoo.com/bsv-suffers-51-attack-report-020910445.html BSV Suffers 51% Attack: Report] (Aug 22, 2021)</ref>

	[https://www.coindesk.com/markets/2021/08/04/bsv-suffers-51-attack-report/ CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data] (Sep 19)		<ref name="coindesk-3225">[https://www.coindesk.com/markets/2021/08/04/bsv-suffers-51-attack-report/ CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data] (Sep 20, 2021)</ref>

	[https://twitter.com/BitcoinAssn/status/1422668065024663554 @BitcoinAssn Twitter] (Aug 28)		<ref name="bitcoinassntwitter-2781">[https://twitter.com/BitcoinAssn/status/1422668065024663554 @BitcoinAssn Twitter] (Aug 29, 2021)</ref>

	[https://www.bloomberg.com/news/articles/2021-08-04/crypto-coin-bitcoin-sv-appears-to-have-suffered-a-51-attack Bloomberg - Are you a robot?] (Sep 19)		<ref name="bloomberg-3226">[https://www.bloomberg.com/news/articles/2021-08-04/crypto-coin-bitcoin-sv-appears-to-have-suffered-a-51-attack Bloomberg - Are you a robot?] (Sep 20, 2021)</ref>

	[https://twitter.com/coinmetrics/status/1422654639653244935 @coinmetrics Twitter] (Sep 19)		<ref name="coinmetricstwitter-3227">[https://twitter.com/coinmetrics/status/1422654639653244935 @coinmetrics Twitter] (Sep 20, 2021)</ref>

	[https://news.bitcoin.com/bitcoinsv-chain-suffers-51-attack-analyst-claims-bsv-network-experienced-a-100-block-reorg/ Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg – Bitcoin News] (Sep 19)		<ref name="newsdotbitcoin-3228">[https://news.bitcoin.com/bitcoinsv-chain-suffers-51-attack-analyst-claims-bsv-network-experienced-a-100-block-reorg/ Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg – Bitcoin News] (Sep 20, 2021)</ref>

	[https://twitter.com/nikzh/status/1422619293695549441 @nikzh Twitter] (Sep 19)		<ref name="nikzhtwitter-3229">[https://twitter.com/nikzh/status/1422619293695549441 @nikzh Twitter] (Sep 20, 2021)</ref>

	[https://bitcoinassociation.net/statement-on-august-2021-block-re-organisation-attack-on-the-bitcoin-sv-network/ Updated: Statement on August 2021 block re-organisation attack on the Bitcoin SV network - Bitcoin Association] (Sep 19)		<ref name="bitcoinassociation-3230">[https://bitcoinassociation.net/statement-on-august-2021-block-re-organisation-attack-on-the-bitcoin-sv-network/ Updated: Statement on August 2021 block re-organisation attack on the Bitcoin SV network - Bitcoin Association] (Sep 20, 2021)</ref></references>