Source: Adobe / Teptong
Major crypto exchange Coinbase stopped trading Bitcoin SV (BSV) after the latest in a series of attacks on the network.
“Due to the 51 percent attack that took place on BSV today, we are stopping all BSV trading,” the exchange announced on Tuesday.
Bitcoin SV suffered a 51 percent attack Tuesday morning when “serious hashing power was unleashed on the network,” said Lucas Nuzzi, network data product manager at crypto-intelligence firm Coin Metrics.
Nuzzi said there was one attack attempt first, followed by a successful one in which “over a dozen blocks are reorganized and up to 3 versions of the chain are pooled at the same time”.
Coin Metrics further confirmed this, saying that the company’s own blockchain security monitoring tool, FARUM, identified the attack. “All of our FARUM nodes have undergone a deep reorganization with a maximum depth of 14 blocks,” they said. “No other reorganization events were observed, but there are still synchronization conflicts in large mining pools.”
The Bitcoin Association, an organization focused on Bitcoin SV, said it was aware of the attack and that the miners are actively responding to the situation. They also recommended that node operators mark the fraudulent chain as invalid.
“This will instantly put your node back on the chain backed by honest miners and lock out the attacker’s chain,” they said.
However, according to reports, the network is still suffering from problems.
These newer reorgs are disappearing from Explorers faster (either blacklisted or reorganized); I gave up … https://t.co/8KMoirXzfL
– WizSec Bitcoin Research (@wizsecurity)
Bitcoin SV had already experienced four attacks in late June and early July. The attack involved a block reorganization that creates a chain of competing blocks in parallel with the correct chain, according to the Bitcoin Association.
It is unclear whether this last one was made by the same assailant described by the organization as “an unknown miner operating (as an apparent impersonator) under the nickname ‘Zulupool'”.
The 46th coin by market capitalization has fallen 5.5% in the past 24 hours and is currently trading at USD 134 (at 7:44 UTC). It’s up less than 1% in a week and down 11% in a month. Overall, the past year has turned red for the coin and has lost over 40% of its value during this time.
It hit its all-time high of nearly $ 490 in mid-April and has since fallen 73%.
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Learn more:
– Craig Wright sends his lawyers against Bitcoin developers
– OKCoin suspends Bitcoin Cash, Bitcoin SV Trading
– Ethereum Classic is up 3% today after third 51% attack in a month
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