Breaking: BSV reportedly suffers ‘massive’ 51% attack

Breaking: BSV reportedly suffers 'massive' 51% attack

"After an attempted set on yesterday, some serious hashing power was unleashed today at 11:46 am and attackers are succeeding," said Lucas Nuzzi of Coin Metrics, referring to the Bitcoin SV concatenation.

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Breaking: BSV reportedly suffers 'massive' 51% attack

Bitcoin SV has reportedly suffered a "massive" 51% attack beginning at around 11:46 am Eastern Daylight Time on Tuesday, resulting in up to iii versions of the chain beingness mined simultaneously.

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

FARUM has identified a 51% attack today on the BSV network at effectually 11:45AM EDT.https://t.co/Oy19UDw53t https://t.co/T3MMRHqPe8
— CoinMetrics.io (@coinmetrics) August 3, 2022

Information well-nigh the attack was further corroborated past Lucas Nuzzi, a network data production director at Coin Metrics. "Someone is seriously trying to destroy BSV," he tweeted, adding:

"For over three hours, attackers were able to accept 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 assault had ended or whether the perpetrator was just taking a break.

BSV is going through a massive 51% attack.

Afterward an attempted attack yesterday, some serious hashing power was unleashed today at eleven:46AM and attackers are succeeding.

Over a dozen blocks are beingness reorgd & up to 3 versions of the concatenation being mined simultaneously across pools.

— Lucas Nuzzi (@LucasNuzzi) August 3, 2022

Related: Bitmart seeks restraining order to forestall hackers from selling fake BSV

The latest update from Coin Metrics confirmed that its FARUM nodes witnessed a "deep reorg with a max depth of 14 blocks." Although no farther reorganization events were observed, "synchronization conflicts" are still taking place across major mining pools.

All of our FARUM nodes witnessed a deep reorg with a max depth of 14 blocks.

No farther reorganization events have been witnessed, but there are notwithstanding synchronization conflicts taking place on major mining pools. picture.twitter.com/aM6FoWOKke

— CoinMetrics.io (@coinmetrics) Baronial 3, 2022

Bitcoin Clan, an industry group that supports the adoption of BSV, issued a statement about the ongoing attack:

To invalidate the fraudulent chain, node operators should run the following control on their #BitcoinSV node:

bitcoin-cli invalidateblock 000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840

Please reach out on Twitter with whatsoever questions for the BA team.

2/two

— Bitcoin Association (@BitcoinAssn) August 3, 2022

Bitcoin SV was the result of a highly contentious difficult fork of the Bitcoin Cash (BCH) blockchain in November 2022. BSV has an identical monetary policy to BCH and Bitcoin (BTC), though the fork was a result of deep internal disagreements with the Bitcoin Cash community regarding a set up of proposals to make transactions more efficient.

Referred to as "Bitcoin Satoshi Vision," BSV has had no shortage of detractors since its split from Bitcoin Cash. While the so-called BCH conservatives prevailed in the hash state of war, Bitcoin SV still emerged as ane of the largest blockchain networks in terms of monetary value. Although its ranking has fallen precipitously, BSV currently has a market capitalization of just over $2.half-dozen billion.

Related: Soft fork vs hard fork: What is a hard and soft fork in cryptocurrency?