Key Takeaways
- Bitcoin SV latest blockchain to suffer 51% attack
- Hackers reorganized 14 chains during the operation
- 51% attack remains a major risk for popular blockchains like Bitcoin and Ethereum
This latest attack was revealed in the late hours of August 3 by blockchain analytics firm CoinMetrics. CoinMetrics security systems had detected a massive attack on the BSV blockchain as hackers unleashed massive hashing power.
The hackers were able to breach the blockchain and reorganized existing blocks of transactions. It is understood that the attack lasted for more than 10 hours, with 14 blocks reorganized.
Once alerted, the highly influential Bitcoin Association informed miners on the BSV network to invalidate the newly minted blocks. In addition, exchanges have been informed of the situation and will freeze transactions made by the hackers to their platforms.
The news, as expected, led to a fall in confidence in BSV, whose price fell by more than 7% following the announcement of the attack. However, the altcoin has recovered in the past few hours.
The news of the 51% attack on BSV does not surprise many due to recent developments. BSV has endured several failed hack attempts, including two in the past month, with the latest dated August 1.
In addition, wallet service provider Gravity recently suspended BSV deposits and withdrawals due to a lack of liquidity. Following the attack, some exchanges, including Huobi and Bittrex, have suspended BSV transactions.
Regularly cited as the most severe problem the Bitcoin blockchain could face, 51% attack means that an entity, which may be a mining pool or a group of hackers, controls 51% of the hash power of a blockchain. It is then possible to unilaterally decide which blocks to add to the blockchain.
Until today, the various attacks of the 51% who succeeded have targeted small blockchains, less secure or not very transparent (Ethereum Classic, Verge, Bitcoin Cash). Large blockchains, such as Bitcoin and Ethereum, have a risk of experiencing the same.
Do you think BSV price will recover from this latest setback?
