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Court Favors Bitmart Over Alleged Bitcoin SV Hackers

Court Favors Bitmart Over Alleged Bitcoin SV Hackers
  • A U.S. District Court judge granted a preliminary injunction to Bitmart.
  • Judge Alison J. Nathan granted the motion after the defendants did not respond.
  • The attack was done back in July where alleged hackers “double-spent” their coins.

The Bitcoin SV hack issue back in July resurfaced in the form of a court battle. GBM Global Holding Co. Ltd, the owner of Bitmart exchange was granted a preliminary injunction by U.S. District Court Judge Alison J. Nathan. The motion was granted after the defendants did not respond.

Back in July, the alleged hackers attacked the Bitcoin SV blockchain. As a result, they were able to double-spend their coins. At the moment, Bitmart froze the addresses that are linked to the hack.

While other exchanges seemingly stopped giving attention to Bitcoin SV, Bitmart wasn’t done. Back in July, Bitmart filed for injunctive relief. They pointed out that there were 43 U.S. users that were affected negatively by the hack.

According to Bitmart, the attackers penetrated the Bitcoin SV network and reorganized transactions that already occurred. Because of this, they were able to spend coins twice.

The filing also mentions that afterward, the attackers moved the assets on various exchanges that include two of the most prominent crypto marketplaces — Binance and Huobi.

Bitcoin SV is a fork of Bitcoin Cash which is also a fork of the original crypto, Bitcoin. Due to disagreements over block sizes, people within the Bitcoin Cash community formed Bitcoin SV. This is a shortened term for Bitcoin Satoshi’s Vision.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.