Bitcoin SV (BSV), the infamous forked blockchain network suffered another major 51% attack on late Tuesday when an unknown preparatory managed to roll back and alter transactions. The attackers managed to create three shadow chains of the network which were mined simultaneously. The 51% attack came to light after crypto analytic platform CoinMetric discovered it during a regular monitoring exercise.
— CoinMetrics.io (@coinmetrics) August 3, 2021
Lucas Nuzzi, a network data product manager at Coin Metrics highlighted that the attack was unleashed on the network at 11:45 am EDT, and attackers managed to reorg a dozen blocks in the network. He said,
“After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46 AM and attackers are succeeding. Over a dozen blocks are being reorgd & up to 3 versions of the chain are being mined simultaneously across pools.”
BSV network has been in controversy right from its formation in 2018 during the infamous Bitcoin Cash (BCH) hard fork. The blockchain network led by controversial crypto personality Craig Wright has been vulnerable to 51% attacks for a long due to a very limited number of developments on the network. The network has faced a crisis since inception as during the early phase the miners of the network managed to discover two of their own blocks.
Will Exchanges Finally Do Away With BSV?
Several crypto exchanges have warned they would delist BSV from their platform because of its centralized nature and how it is prone to 51% attack. Now that the blockchain has seen a major attack that put exchange wallets at risk, major exchanges might go ahead and delist the altcoin altogether.
Earlier, the likes of Huobi, Okex, and Bittrex has suspended BSV transactions from its platform when the network suffered another attack last month.
Major crypto exchanges had delisted BSV a couple of years back owing to Craig Wright’s antics where he tried to bully a Bitcoin proponent by filing a lawsuit against him for calling Wright out on his dubious claims of being the original creator of Bitcoin. However, most of the crypto exchanges listed it back later after the matter was resolved.