Bitcoin SV Protocol Suffered a 51% Attack

BSV (Bitcoin Satoshi Vision), a fork of Bitcoin Cash, created in 2018, suffered a major attack of 51%. That happened on August 3, about 11:45 am when the hackers were able to alter the system creating 3 different chains that were mined together.

The news was first published by the network data PM at Coin Metrics, 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

Shortly after, the crypto insights provider announced that its FARUM risk management tool spotted the attack.

Related: THORchain Suffers an $8 M Attack By a White Hat

Nuzzi says somebody is making serious efforts to knock down the BSV. In three hours, the hackers succeeded in seizing half control of the network. Nuzzi noted the possibility of double-spend of BSV deposits in the course of the invasion.

Tech establishment Bitcoin Association that works to evolve business on the BSV advised node validators to point the affected chain as invalid. There is no more news discovered about the attackers’ actions at the moment.

The price of BSV declined by over 4% after the attack and now trades at around $135. The coin ranks 42nd in terms of market cap (over 2.5 B).

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