Another major cryptocurrency has suffered a 51% attack, leading to several blocks being reorganized.
Bitcoin SV suffers a 51% attack
Bitcoin Satoshi Vision, popularly called Bitcoin SV, is the latest cryptocurrency to suffer a 51% attack. The crypto network suffered this attack yesterday, and it resulted in a 5% decline in its trading price over the past few hours.
The news of the attack was revealed by an analyst from the crypto intelligence firm CoinMetrics. Lucas Nuzzi, network data product manager at CoinMetrics, revealed that the hashing power was released on the Bitcoin SV network yesterday, with 14 blocks reorganized in the process.
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
According to CoinMetrics, its blockchain security monitoring tool FARUM noticed a 14-block reorg of the network. The crypto intelligence company added that the attack ended shortly after it was initiated, but there is still confusion between the mining pools. CoinMetrics highlighted that pools are currently mining completely different block heights.
Bitcoin SV’s price down by nearly 5%
Since the attack, Bitcoin SV’s price is down by nearly 5%. At the time of this writing, BSV is trading at $135 per coin. Year-to-date, Bitcoin SV has also underperformed, down by nearly 20%. It began 2021 trading at $163 per coin but dropped to the $130 sub-level after rising to a high of $451 in April.
A 51% attack takes place when malicious miners take control of over 50% of a Proof-of-Work blockchain. These miners can leverage this control to reorganize a block or several blocks to their benefit.