BSV Network ‘Enduring A Series of Block-Reorganisation Attacks’ Sees Hash Rate Crashing Over 52%
Due to the 51% attack, which the Bitcoin Association says is currently going on and law enforcement authorities have been reported, Coinbase has halted BSV withdrawals and stopped all BSV trading.
Bitcoin SV has suffered a 51% attack, and crypto exchange Coinbase has halted BSV withdrawals.
“Due to the 51% attack that has occurred on BSV today, we are stopping all BSV trading,” said the exchange late on Tuesday.
On Tuesday morning, the network suffered a 51% attack, according to Lucas Nuzzi, an analyst from the crypto intelligence firm CoinMetrics, who reported confusion across mining pools after the attack.
“Some serious hashing power” was reported to be unleashed on the network in order to take control of more than 50% of the Proof-of-Work (PoW) blockchain.
“FARUM (its blockchain security monitoring tool) has identified a 51% attack today on the BSV network at around 11:45AM EDT,” noted Coin Metrics. “All of our FARUM nodes witnessed a deep reorg with a max depth of 14 blocks. No further reorganization events have been witnessed, but there are still synchronization conflicts taking place on major mining pools.”
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
Following the attack, Bitcoin Association recommended node operators to mark the fraudulent chain invalid so that nodes can be returned to the chain supported by honest miners and the attacker's chain is locked out.
In a report on Wednesday, the Bitcoin Association noted that the BSV network is “currently enduring a series of block-reorganisation attacks by a malicious actor attempting to illegally double-spend BSV coins.”
It is believed to be the same attacker that previously initiated block re-organisation attacks against the BSV network on June 24 and then three times the next month.
The Bitcoin Association said it is collecting evidence of the illegal activity and actively working with law enforcement authorities in affected jurisdictions.
This will now also all be reported to multiple police organizations…not the least in Canada where Taal is based as this crime has is pretending to be Taal. The more they do this the more evidence they leave behind for the already ongoing investigations.
— Calvin Ayre (@CalvinAyre) August 3, 2021
Bitcoin SV (BSV) is a hard fork of Bitcoin Cash (BCH) which itself was a hard fork of Bitcoin (BTC). BCH -1.21% Bitcoin Cash / USD BCHUSD $ 114.06
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This attack saw the hash rate of the network falling by 52.74% in the past 24 hours, as per Bitinfocharts. It is due to not having the security of a large hash rate that despite having the same algorithm as the leading cryptocurrency that it takes less than $5,600 to 51% attack BSV for an hour, as it has been so many times and less than $23k for BCH compared to Bitcoin’s $1.66 million.
The attack, however, didn’t have any impact on BSV price, which as of writing, is trading at $138.53, down only about 2% in the past 24 hours. From its mid-April peak of about $490, BSV is currently down 71.5%.