Bitcoin SV Faces Another 51% Attack

Bitcoin SV has again reportedly suffered a 51% attack for the fifth time since late June, leading to the simultaneous mining of three versions of the chain on Tuesday. This was confirmed by CoinMetrics through its FARUM risk management platform.

Lucas Nazzi, a Network data product manager at CoinMetrics, who was quick to report, said that “BSV is going through a massive 51% attack. After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46 AM, and attackers succeeded. Over a dozen blocks are being reorganized & up to 3 versions of the chain being mined simultaneously across pools”.

According to CoinMetrics, the attacks, which lasted for hours, saw its network FARUM nodes reorganized by nearly 14 blocks, however, the mining pools are yet to be fully synced.

Such an attack means that a group of miners on the blockchain have gained massive control over the hash rate of the PoW blockchain. This will question the Proof-of-Work immutable and unhackable features. And also question the network’s security.

Commenting on the attack,  Bitcoin Association stated that,

In response to the ongoing re-organization attack on the #BSV network, Bitcoin Association recommends that node operators mark the fraudulent chain as invalid. This will immediately return your node to the chain supported by honest miners and lock the attacker’s chain out.

BSV is coined out of ‘Bitcoin Satoshi Version’ and owned by Craig Wright, who claimed he is the anonymous Satoshi Nakamoto, widely known as the founder of Bitcoin. The Bitcoin SV blockchain network was founded in 2018 as a result of the contentious hard fork in the Bitcoin Cash blockchain.

The asset price fell by 4 percent after the incident. At the time of writing, Bitcoin SV was trading at $136.69, and its market cap stood at $2.8 billion.

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