BSV experiences a “huge” 51% attack, 3 versions of the chain are mined simultaneously with 14 refactored blocks

Bitcoin SV (BSV) suffered a huge 51% assault that started round 10:45 p.m. (11:45 a.m. EDT) final evening, which resulted in all three versions of the chain being mined at the similar time.

Analytics supplier Coin Metrics confirmed on Tuesday afternoon that its FARUM danger administration platform had recognized a 51% assault.

FARUM found a 51 % assault on the BSV community at round 11:45 a.m. EDT immediately.https://t.co/Oy19UDw53t https://t.co/T3MMRHqPe8

– CoinMetrics.io (@coinmetrics) August 3, 2021

Information about the assault was acquired Authentication added by Lucas Nuzzi, Network Data Product Manager at Coin Metrics.

“BSV skilled a huge assault of 51%. After a check assault yesterday, severe hash energy was unleashed immediately at 11:46 a.m. and the attackers succeeded. (*14*)More than a dozen blocks shall be redesigned and as much as 3 versions of the chain shall be dismantled at the similar time by way of swimming pools. “

Nuzzi added:

“Someone is significantly making an attempt to destroy the BSV. The attackers had been in a position to take management of the chain in over 3 hours. All exchanges that acquired BSV deposits throughout this time may have been issued twice. “

At the time of writing, it was unclear whether or not the assault was over or the perpetrator was simply resting.

According to the newest replace from Coin Metrics, its FARUM nodes skilled a “deep refactoring event with a maximum depth of 14 blocks”. Although no different refactoring occasions had been noticed, “synchronization conflicts” nonetheless happen in giant mining swimming pools.

All of our FARUM nodes witnessed a deep reorganization with a most depth of 14 blocks.

No different reorganization occasions had been noticed, however there are nonetheless synchronization conflicts in giant mining swimming pools. pic.twitter.com/aM6FoWOKke

– CoinMetrics.io (@coinmetrics) August 3, 2021

The Bitcoin Association, an business group that helps the introduction of BSV, has given a assertion on the ongoing assault:

“In response to the ongoing refactoring attack on the BSV network, the Bitcoin Association recommends that node operators mark fraudulent chains as invalid. This will instantly put your node again in the chain supported by trustworthy miners and block the attacker’s chain.

(*14*)To disable chain fraud, node operators must run the following command on their BitcoinSV node: bitcoin-cli invalidateblock 000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840 ″.

Bitcoin SV is the end result of a giant controversial exhausting fork of the Bitcoin Cash blockchain in November 2018. BSV has an similar financial coverage to BCH and Bitcoin, though the fork was the end result of deep disagreement on suggestions to make transactions extra environment friendly.

The BSV, which claims to be “Bitcoin Satoshi Vision”, has suffered a lot of ridicule because it break up from BCH. While the defenders of BCH prevailed in the hash struggle, BSV nonetheless emerged as one of the largest blockchain networks in phrases of financial worth.

At press time, BSV is down almost 6% and trading is down at $ 137.4 as trading quantity is down greater than 13% to $ 316 million and market cap is down greater than 5% to $ 1.59 billion. All in all, this altcoin is quantity 40 on the charts.

Source: TradingView

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According to Cointelegraph

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