Bitcoin SV (BSV) blockchain suffered yet another 51% attack beginning around 11:45 am Tuesday. Unknown felons initiated the attack. Felons essentially rolled back and altered transactions on the network to initiate three shadow chains.
Analytics provider CoinMetrics confirmed Tuesday afternoon that its FARUM risk management platform had identified the 51% attack.
Lucas Nuzzi, a network data product manager at Coin Metrics further corroborated Information about the attack. “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.”
The latest update from Coin Metrics confirmed that its FARUM nodes witnessed a “deep reorg with a max depth of 14 blocks”. Although no further reorganization events were observed, “synchronization conflicts” are still taking place across major mining pools.
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Bitcoin SV was the result of a highly contentious hard fork of the Bitcoin Cash blockchain in November 2018. BSV has an identical monetary policy to BCH and Bitcoin. Deep internal disagreements with the Bitcoin Cash community regarding a set of proposals to make transactions more efficient. resulted into the fork.
In response to the ongoing re-organization attack on the BSV network, Bitcoin Association recommended that node operators should mark the fraudulent chain invalid. This would immediately return the node to the chain supported by honest miners and lock the attacker’s chain out.
