The cryptocurrency created after the 2017 block size wars, Bitcoin SV suffers a 51% “massive” attack in an attempt to “destroy” the cryptocurrency by bringing its price down.
The price of bitcoin SV, which has not gone up along with bitcoin and other major cryptocurrencies last year, has lost about 5% since the so-called 51% attack.
These attacks are attempts by miners to protect cryptocurrency blockchains in exchange for tokens to overwhelm the network and reorganize the transaction log, potentially resulting in coins being doubled and destroying their value. All cryptocurrencies that use distributed ledger blockchains are vulnerable to 51% attacks, with bitcoin itself suffering an 2014 .
“The BSV is undergoing a massive 51% attack.”
Said Lucas Nuzzi, Product Manager of Network Data at Coin Metrics, via Twitter.
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.
— Lucas Nuzzi (@LucasNuzzi) August 3, 2021
“After an attempted attack yesterday, some serious hashing power was released today at 11:46 am and the attackers are succeeding.”
The attack resulted in three versions of the SV bitcoin blockchain being exploited simultaneously.
“There was a lot of confusion between the mining reservoirs after the attack, but only one (successful) [reorganização] 14 blocks since the start of the attack,” added Nuzzi.
- Bitcoin SV suffers a 51% “massive” attack in an attempt to “destroy” the cryptocurrency.
“In response to the ongoing reorganization attack on the BSV network, the Bitcoin Association recommends that node operators mark the fraudulent string as invalid,” said the Bitcoin Association, which manages the SV bitcoin blockchain, via Twitter.
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.
— Bitcoin Association (@BitcoinAssn) August 3, 2021
“This will immediately return your node to the chain supported by honest miners and block the attacker’s chain.”
Bitcoin SV, itself a version of an earlier bitcoin fork called bitcoin cash, was created in November 2018 after developers disagreed on how to raise bitcoin money.
“BSV is a threat to so-called cryptocurrencies because it’s doing what bitcoin has always been doing,” a Bitcoin Association spokesperson said in an email in response to why someone was trying to “destroy” bitcoinSV.
While bitcoin, the largest cryptocurrency by value with a market capitalization of around $700 billion, has become known as a store of value, bitcoin cash and bitcoin SV aim to become global payment networks.