Bitcoin SV Network Suffered a Large-Scale 51% Anonymous Attack

Cryptocurrency data analyst CoinMetrics found that the Bitcoin SV network suffered a 51% attack on Tuesday through its regular monitoring tool FARUM.

The monitoring data of FARUM, the blockchain security monitoring tool of the intelligence company CoinMetrics, confirmed this statement and indicated that it witnessed 14 blocks undergoing a deep reorganization of the network.

Lucas Nuzzi, Network Data Product Manager from CoinMetrics, posted on Twitter and said that:

“BSV is going through a massive 51% attack. After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46AM and attackers are succeeding. Over a dozen blocks are being reorgd & up to 3 versions of the chain being mined simultaneously across pools.”

CoinMetrics stated that the attack has ended, and some analysts in the industry refer to the continued large-scale attacks from unknown identities to originate from vulnerabilities in the network.

This attack seems to have a slight negative impact on the price of Bitcoin SV. At the time of writing, Bitcoin SV has dropped by 4.22% to $135.51 within 24 hours, according to Coinmarketcap.

Last month, several crypto exchanges pioneered by Huobi, including OKEx and Bittrex, also suspended BSV trading. Bitcoin SV network was also attacked by illegal block reorganization on July 8.

Currently, there are two types of Bitcoin fork coins on the market: Bitcoin Cash (BCH) and Bitcoin SV (BSV). Bitcoin SV results from a highly controversial hard fork of the Bitcoin Cash (BCH) blockchain in November 2018 to address Bitcoin scalability.

BSV developers have expanded the block size limit from 128MB to 2GB to improve user experience and increase miners’ benefits.

Image source: Shutterstock

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