Breaking: BSV reportedly suffers ‘massive’ 51% attack

Breaking: BSV reportedly suffers ‘massive’ 51% attack

Bitcoin SV has reportedly suffered a “massive” 51% attack beginning around 11:45 am Tuesday, resulting in up to three versions of the chain being mined simultaneously.

Analytics provider Coin Metrics confirmed Tuesday afternoon that its Farum risk management platform had identified the 51% attack.

FARUM has identified a 51% attack today on the BSV network at around 11:45AM EDT.https://t.co/Oy19UDw53t https://t.co/T3MMRHqPe8— CoinMetrics.io (@coinmetrics) August 3, 2021

Information about the attack was further corroborated by Lucas Nuzzi, a network data product manager at Coin Metrics. “Someone is seriously trying to destroy BSV,” he tweeted, adding:

“For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.”

At the time of writing, it was unclear whether the attack had ended or whether the perpetrator was just taking a break.

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

Bitcoin SV was the result of a highly contentious hard fork of the Bitcoin Cash (BCH) blockchain in November 2018. BSV has an identical monetary policy as BCH and Bitcoin (BTC), though the fork was a result of deep internal disagreements with the Bitcoin Cash community regarding a set of proposals to make transactions more efficient.

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