Coin Metrics reported on Twitter that the cryptocurrency Bitcoin SV is under a 51 percent attack, which was first identified yesterday.
The Bitcoin Association, which backs Bitcoin SV, has been tweeting instructions to node operators on how to respond. To keep attackers out, node operators should mark fraudulent chains as “invalid.” Companies such as Goldman Sachs Group Inc. have confirmed Coin Metrics’ report. Following that, Fidelity Investments stated that “no further reorganization events have been witnessed, but there are still synchronization conflicts occurring on major mining pools.” BSV had previously been attacked in June and July. A “51% attack” is an effort by miners to gain control of the computer power of more than half a blockchain network. Ownership could allow intruders to obtain confirmations for new transactions. This gives them the power to stop or even tokens with duplicate transactions among some or all users.
Bitcoin SV is nowadays the 46th largest cryptocurrency, with a market value of about 2.5 billion dollars, according to CoinGecko.com. BSV is a spinoff based on the original cryptocurrency ‘satoshi vision.’ It was established in November 2018 as a hard bucket of Bitcoin cash and spin from Bitcoin in 2017.
Given each project’s different visions, their schisms have left an enduring enmity between them. Given this, CEO Blockdaemon and Founder Konstantin Richter view the attack as an attempt to remove BSV from trade. BSV was de-listed earlier this year by Australia’s Independent Reserve for the biggest digital asset exchange.
According to CoinGecko pricing, BSV was down about 4% during the apparent attack to $135. This is down more than 70% from its mid-April highs. “In the short term, the attack appears to have had a relatively insignificant impact on its current price action,” said Adam James, senior editor at cryptocurrency exchange OKEx Insights. “Faith in the proverbial third-place Bitcoin is likely to be eroded further as a result of the incident, which may have a negative impact on its long-term price prospects.”