BSV reportedly suffers ‘massive’ 51% attack

Bitcoin SV has reportedly suffered a “large” 51% assault starting round 11:46 am Tuesday, leading to as much as three variations of the chain being mined concurrently.

Analytics supplier Coin Metrics confirmed Tuesday afternoon that its FARUM threat administration platform had recognized the 51% assault.

Details about the assault was additional corroborated by Lucas Nuzzi, a community knowledge product supervisor at Coin Metrics. “Somebody is significantly making an attempt to destroy BSV,” he tweeted, including:

“For over three hours, attackers have been in a position to take over the chain. All exchanges that acquired BSV deposits throughout that point might need been double spent.”

On the time of writing, it was unclear whether or not the assault had ended or whether or not the perpetrator was simply taking a break.

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The newest replace from Coin Metrics confirmed that its FARUM nodes witnessed a “deep reorg with a max depth of 14 blocks.” Though no additional reorganization occasions have been noticed, “synchronization conflicts” are nonetheless going down throughout main mining swimming pools. 

Bitcoin Affiliation, an business group that helps the adoption of BSV, issued an announcement in regards to the ongoing assault:

Bitcoin SV was the results of a extremely contentious exhausting fork of the Bitcoin Money blockchain in November 2018. BSV has an equivalent financial coverage to Bitcoin Money (BCH) and Bitcoin (BTC), although the fork was a results of deep inside disagreements with the Bitcoin Money group relating to a set of proposals to make transactions extra environment friendly.

Known as “Bitcoin Satoshi Imaginative and prescient,” BSV has had no scarcity of detractors since its cut up from Bitcoin Money. Whereas the so-called BCH conservatives prevailed in the hash war, Bitcoin SV nonetheless emerged as one of many largest blockchain networks when it comes to financial worth. Though its rating has fallen precipitously, BSV at present has a market capitalization of simply over $2.6 billion.  

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