Bitcoin SV network hit by 51% attack

In the Bitcoin SV network, a successful 51% attack occurred. The blockchain underwent a reorganisation to a depth of “tens” of blocks and split into three chains, according to Coin Metrics’ network-data product manager, Lucas Nuzzi.

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

According to him, the attackers had attempted to attack the network the day before, and on 3 August at 18:46 (MSK) they mobilised serious hashing power and achieved success.

Coin Metrics confirmed that their blockchain integrity risk management tool FARUM recorded the incident; the depth of the reorganisation was 14 blocks. After this, the attack subsided, but there were synchronization conflicts between major mining pools.

По данным сервиса BitinfoCharts, за последние 24 часа хешрейт сети Bitcoin SV обвалился почти на 44% — до 333 PH/s.

However, Nuzzi says that, amid the confusion surrounding the attack’s aftermath, it is difficult to assess the real drop in the metric.

The price of the Bitcoin SV token over the past 24 hours fell by 4%, according to CoinGecko.

Coin Metrics has not yet identified who was behind the attack, and the firm is studying the attackers’ trail in search of “traces of double spends on exchanges,” Nuzzi said.

In November 2020, the 51% attack targeted the Bitcoin Cash ABC (BCHA) network.

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