Breaking: BSV reportedly suffers ‘massive’ 51% attack

hacker working darkness scaled

“After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46 am and attackers are succeeding,” said Lucas Nuzzi of Coin Metrics, referring to the Bitcoin SV chain.

Bitcoin SV has reportedly suffered a “massive” 51% attack beginning at around 11:46 am Eastern Daylight Time on Tuesday, resulting in up to three versions of the chain being mined simultaneously.

Analytics provider Coin Metrics confirmed Tuesday afternoon that its FARUM risk management platform had identified the 51% attack.

Information about the attack was further corroborated by Lucas Nuzzi, a network data product manager at Coin Metrics. “Someone is seriously trying to destroy BSV,” he tweeted, adding:

“For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.”

At the time of writing, it was unclear whether the attack had ended or whether the perpetrator was just taking a break.

The latest update from Coin Metrics confirmed that its FARUM nodes witnessed a “deep reorg with a max depth of 14 blocks.” Although no further reorganization events were observed, “synchronization conflicts” are still taking place across major mining pools.

Bitcoin Association, an industry group that supports the adoption of BSV, issued a statement about the ongoing attack:

Bitcoin SV was the result of a highly contentious hard fork of the Bitcoin Cash blockchain in November 2018. BSV has an identical monetary policy to Bitcoin Cash (BCH) and Bitcoin (BTC), though the fork was a result of deep internal disagreements with the Bitcoin Cash community regarding a set of proposals to make transactions more efficient.

Referred to as “Bitcoin Satoshi Vision,” BSV has had no shortage of detractors since its split from Bitcoin Cash. While the so-called BCH conservatives prevailed in the hash war, Bitcoin SV still emerged as one of the largest blockchain networks in terms of monetary value. Although its ranking has fallen precipitously, BSV currently has a market capitalization of just over $2.6 billion.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 65,145.45
ethereum
Ethereum (ETH) $ 3,180.91
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 574.62
solana
Solana (SOL) $ 151.13
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,179.17
xrp
XRP (XRP) $ 0.528522
dogecoin
Dogecoin (DOGE) $ 0.163549
the-open-network
Toncoin (TON) $ 6.23
cardano
Cardano (ADA) $ 0.507167
shiba-inu
Shiba Inu (SHIB) $ 0.000028
avalanche-2
Avalanche (AVAX) $ 38.21
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,206.47
bitcoin-cash
Bitcoin Cash (BCH) $ 513.20
polkadot
Polkadot (DOT) $ 7.22
tron
TRON (TRX) $ 0.111174
chainlink
Chainlink (LINK) $ 14.97
internet-computer
Internet Computer (ICP) $ 15.64
matic-network
Polygon (MATIC) $ 0.738179
near
NEAR Protocol (NEAR) $ 6.35
litecoin
Litecoin (LTC) $ 85.15
uniswap
Uniswap (UNI) $ 7.85
leo-token
LEO Token (LEO) $ 5.74
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 10.14
ethereum-classic
Ethereum Classic (ETC) $ 28.20
blockstack
Stacks (STX) $ 2.80
mantle
Mantle (MNT) $ 1.23
filecoin
Filecoin (FIL) $ 6.72
first-digital-usd
First Digital USD (FDUSD) $ 1.00
render-token
Render (RNDR) $ 9.20
crypto-com-chain
Cronos (CRO) $ 0.131521
cosmos
Cosmos Hub (ATOM) $ 8.66
stellar
Stellar (XLM) $ 0.116062
okb
OKB (OKB) $ 55.77
arbitrum
Arbitrum (ARB) $ 1.22
immutable-x
Immutable (IMX) $ 2.21
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,207.65
bittensor
Bittensor (TAO) $ 481.56
hedera-hashgraph
Hedera (HBAR) $ 0.089380
dogwifcoin
dogwifhat (WIF) $ 3.11
vechain
VeChain (VET) $ 0.042260
maker
Maker (MKR) $ 3,140.63
kaspa
Kaspa (KAS) $ 0.120321
the-graph
The Graph (GRT) $ 0.289647
fetch-ai
Fetch.ai (FET) $ 2.52
injective-protocol
Injective (INJ) $ 29.37
optimism
Optimism (OP) $ 2.51
pepe
Pepe (PEPE) $ 0.000006