Cryptocurrency Bitcoin SV is under a blockchain attack that appears to have inflicted at least some damage to the network, according to a firm that analyzes system data.<\/p>\n
The \u201c51% attack\u201d — an invasion on a blockchain by miners who gain control of more than half a network\u2019s computing power — could enable the intruders to prevent new transactions from gaining confirmations, thus giving them the power to stop payments between some or all users or double-spend coins.<\/p>\n
A 51% attack was initially identified on the BSV network on Tuesday, Coin Metrics said on Twitter, with the market-intelligence group backed by firms such as Goldman Sachs Group Inc. and Fidelity Investments later adding that \u201cno further reorganization events have been witnessed, but there are still synchronization conflicts taking place on major mining pools.\u201d<\/p>\n
Bitcoin SV, a spinoff based on the original \u201cSatoshi Vision\u201d of the world\u2019s best-known cryptocurrency, endured previous attacks in June and July. BSV is the 44th-biggest cryptocurrency according to CoinGecko.com with a market value of about $2.6 billion. It was created as a so-called hard fork off Bitcoin Cash in November 2018, which itself involved a radical protocol change from Bitcoin in 2017.<\/p>\n
\u201cThere is so much hatred\u201d in the competitive world involving Bitcoin, Bitcoin Cash and Bitcoin SV, said Konstantin Richter, chief executive officer and founder of Blockdaemon, a blockchain infrastructure provider. \u201cIt\u2019s a simple ploy to get BSV kicked off exchanges in my eyes.\u201d<\/p>\n
Amid the apparent attack, BSV was down about 4% in the 24 hours to 1 p.m. Hong Kong time to $135.47, according to CoinGecko pricing. It\u2019s off more than 70% from its mid-April highs.<\/p>\n
\u201cIn the immediate term, the attack has seemingly had a somewhat-negligible impact on its current price action,\u201d Adam James, senior editor at cryptocurrency exchange OKEx Insights, said in an email to Bloomberg. \u201cFaith in the proverbial third-place Bitcoin will likely be reduced further following the incident — which may negatively affect its long-term price prospects.\u201d<\/p>\n
The Bitcoin Association, which supports Bitcoin SV, took to Twitter to instruct node operators how to respond.<\/p>\n
\u201cBitcoin Association is aware of an active re-organisation attack on the BSV network,\u201d it said in a post, adding node operators should mark fraudulent chains as \u201cinvalid\u201d to lock out attackers.<\/p>\n
BSV was created \u201cto restore the original Satoshi protocol, keep it stable and enable it to massively scale,\u201d according to BitcoinSV.com.<\/p>\n
Cryptocurrency Bitcoin SV is under a blockchain attack that appears to have inflicted at least some damage to the network.<\/p>\n","protected":false},"author":341034,"featured_media":383268,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[71306],"class_list":["post-408648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin-sv"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/408648"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=408648"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/408648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/383268"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=408648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=408648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=408648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}