Crypto exchanges are becoming increasingly suspicious of Bitcoin SV ⋆ ZyCrypto after a series of attacks on the network
The price of Bitcoin SV was briefly shaken as its community continued to digest the news that the cryptocurrency suffered a 51 percent break. After the news of the attack on the network, Coinbase stopped trading the cryptocurrency on the exchange platform.
TradingView’s BSVUSD chart
Coinbase, which BSV listed only a few months ago, today announced the suspension of trading on the site. Although Coinbase has stopped transactions, Gravity – a Bitcoin SV-centric cryptocurrency exchange – has yet to stop the transactions. Instead, it announced on Twitter today that it will continue to process transactions while monitoring the situation.
A quick check on other exchanges where the cryptocurrency is listed for trading showed that trading was normal. Huobi also announced on Twitter today that there are no security issues for its users to worry about with the reported BSV vulnerabilities.
“We pride ourselves on being the only exchange that is not affected by attacks. Preventive measures for risk control were prepared months ago and the technical infrastructure to protect users was strengthened. “
Trading also appears to be normal on Kucoin, which is probably the largest market for BSV trading.
Hackers tried to break Bitcoin BSV (Bitcoin Satoshi Vision) yesterday and then unleashed massive hashing power to successfully overwhelm the network today. It is the second time that the BSV network has experienced a double-spending attack within a month. It was reported that some blocks were already being reorganized and mining was taking place on three versions of the blockchain when the attack began.
“The Bitcoin SV network is currently experiencing a number of block reorganization attacks from a malicious actor attempting to illegally duplicate BSV coins,” wrote the Bitcoin Association, which manages the Bitcoin SV network.
A 51 percent attack is being carried out by miners trying to overwhelm the network to reorganize transaction records and attempting to double-spend coins and drop their value.
The attacks re-sparked debates about the fierce competition between the Bitcoin and Bitcoin SV networks, with some people attributing the breach to people who opposed recent advances in the BSV network, such as increased transaction volume and block size . On July 16, the Bitcoin SV fee / block reward ratio surpassed that of BTC for the first time in history, which some viewed as an achievement on the network.