BitMart Wins Injunction Against Bitcoin SV Blockchain Hackers

Crypto exchange Bitmart won an injunction against the hackers behind the attack on the Bitcoin SV blockchain which enabled them to “double-spend” the coins so let’s read more in our latest Bitcoin SV news.

The Bitcoin SV blockchain was attacked in July and Bitmart has frozen addresses allegedly connected to the attack. Most exchanges stopped paying attention to Bitcoin SV the moment they delisted the cryptocurrency but Bitmart, the international exchange registered in the Cayman Islands with offices in New York, didn’t do that. The exchange’s owner was fighting a court battle to prevent the transfer of the BSV stolen in a July 9 hack and the US district court granted a preliminary injunction to the owner GBM Global Holding Co. LTD preventing the hackers from moving the coins. The motion was granted by Judge Alison J Nathan after the defendants failed to respond and then in July, Bitmart filed for injunctive relief arguing that 43 of the exchanges’ US users were impacted once the hackers attacked the Bitcoin SV network and reorganized tranactions which already happened. As a result, they could spend the coins twice.

According to the filing, they started moving the assets across exchanges like Binance and Huobi so Bitmart froze 92 accounts connected to the alleged fraud.
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Bitcoin SV led by self-proclaimed BTC creator Craig Wright argued that the block sizes should be bigger to facilitate more transactions and create crypto that works like cash. One potential downside of the bigger block sizes is reduced security because they require more resources which are therefore more expensive to run. They can even become more centralized and in the blockchains, decentralization is a security feature that prevents single points of entry and the security concerns led any other exchanges to stop listing BSV due to potential losses. Losses are what have been in for the BSV users and as per the data from Nomics, BSV’s price is down 5% since the start of the year and after racing a high of $441, it dropped to $162.

As we recently reported, Bitcoin Sv is the blockchain created as a fork of Bitcoin Cash which got promoted by entrepreneurs Craig Wright and Calvin Ayre. Bitcoin SV suffered yet another 51% attack and it further weakened its already tarnished reputation in the crypto space. The attack follows a similar chain reorg that was orchestrated by Zulu Pool a month ago. The report was shared by Lucas Nuzzi who is an active member of the Crypto Twitter community and a part of the team at the data analytics platform coinMetricks.