Fun

Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg

News Feed - 2021-08-05 01:08:47

Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg


Reports show that the Bitcoinsv blockchain suffered from a 51% attack on Tuesday, August 3, 2021, as the founder of Blockchair, Nikita Zhavoronkov explained the network endured a 100 block reorg “wiping out 570k transactions.” Onchain Observers Witness a Deep Bitcoinsv Reorg


The Bitcoinsv (BSV) network has been having issues lately following problems the protocol saw in mid-July. At that time, 78% of the network was mined by a single entity called Taal and a number of exchange providers halted services. On August 3, the founder of Blockchair, Nikita Zhavoronkov, and numerous onchain observers discovered the BSV chain suffered from a deep blockchain reorganization, otherwise known as a reorg. Screenshot Blockchair’s Nikita Zhavoronkov shared on August 3, 2021.


Zhavoronkov tweeted about the issue on Tuesday and then clarified that the chain lost 100 blocks. “The reorg was 100 (!) blocks deep wiping out 570k transactions,” the Blockchair founder said. The onchain analysts at Coin Metrics caught the reorg as well alongside Lucas Nuzzi who also tweeted about the problems BSV had on Tuesday.


“BSV is going through a massive 51% attack,” Nuzzi said. “After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46AM and attackers are succeeding. Over a dozen blocks are being reorgd & up to 3 versions of the chain being mined simultaneously across pools.” Bitcoinsv Group Addresses Situation, Claims It’s Marking ‘Illegal Chains’


A member of the Bitcoin Association (a BSV-related org.), Alex Speirs, published the BSV side of the story on August 4. The announcement is called a “Statement on August 2021 block re-organisation attack on the Bitcoin SV network.”


“The Bitcoin SV network is currently enduring an ongoing series of block re-organisation attacks by a malicious actor attempting to illegally double-spend BSV coins,” Speirs wrote on Wednesday. “Bitcoin Association believes that this is the same attacker that previously initiated block re-organisation attacks against the BSV network on June 24 and July 1, 6 & 9, 2021.”


According to Speirs, the Bitcoin Association (BSV) and the Bitcoin SV Infrastructure Team recommend that node operators “mark illegal chains initiated by the attacker as invalid.” Moreover, Speirs emphasized that the BSV association will collect evidence on such matters. Speirs said: [The] Bitcoin Association continues to collect evidence of the illegal activity and its representatives are actively working with law enforcement authorities in affected jurisdictions. 2 Illegal Chains, Ecash Reorgs Remembered


At the time of writing, data from Coin Dance shows the miner Taal has 47.6% of the BSV hashrate and 27% belongs to unknown stealth miners. Taal is considered an honest and protective mining operator within the BSV community.


The mining operator Taal has been able to capture 15 blocks in a row while this article was written. According to the blog post written by Speirs which also contains developing updates: “In the last 12 hours, two illegal chains created by the attacker have been successfully repelled.”


At the end of November 2020, the Bitcoin ABC pro-IFP chain, which was nameless at the time, saw a great number of reorgs making the chain almost unusable. A mystery mining entity at the time that called itself “Voluntarism.dev” mined a great number of consecutive empty blocks and made it so no one could transact with the coin which is now called “ecash.”


What do you think about the problems Bitcoinsv has been facing lately? Let us know what you think about this subject in the comments section below. Crypto Crime Falls in China, Surges in Hong Kong, Reports Reveal NEWS | 2 hours ago Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5 NEWS | 4 hours ago Tags in this story 100 block reorg, 100 blocks, 51%, 51% attack, bitcoinsv, block reorg, Blockchain Reorganization, Blockchair, BSV, Coin Dance, Coin Metrics, Coingeek streaming channel, Hashpower, Hashrate, Liquidity, Lucas Nuzzi, malicious actor, Nikita Zhavoronkov, Reorg, reorganizations, Taal, Taal Pool


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Turkey’s Inflation Jumps to 36%, Lira’s Value Plummets, Citizens Flock to Stablecoins
Turkey"s Inflation Jumps to 36%, Lira"s Value Plummets, Citizens Flock to Stablecoins The Republic of Turkey’s economy and the country’s native fiat currency the Turk
Why JSON-LD matters for Web3
Brian Platz8 hours agoWhy JSON-LD matters for Web3Web3 is confusing because it’s still in its formative stages. Nobody quite knows which inventions will shape it next.325 Total viewsListen to article 0:00Innovation Cir
David Attlee14 hours agoFrance, Singapore and Switzerland test cross-border CBDCsProject Mariana was developed under the aegis of the Bank for International Settlements.3549 Total views33 Total sharesListen to article 0:
XRP Price Chart Signals Trouble – Is A Drop To $1.20 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
BlackRock Ethereum Holdings Surpass 1.2 Million ETH Amidst Strong Institutional Adoption – Details
Este artículo también está disponible en español. Ethereum (ETH) declined by 5.68% in the last week in line with the majority of the crypto market. The prominent altcoin
Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading
Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading Cryptocurrency exchange Coinbase has filed an application with the National Futures Association (NFA) to offe
Chainalysis: Illicit Crypto Activity Falls — Scam Revenue 65% Lower Than Last Year
Chainalysis: Illicit Crypto Activity Falls — Scam Revenue 65% Lower Than Last Year Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue s
Web3 Infrastructure Provider Alchemy Raises $250 Million in Funding Round Led by a16z
Web3 Infrastructure Provider Alchemy Raises $250 Million in Funding Round Led by a16z Alchemy, one of the leading infrastructure providers for blockchain and web3, has raised $250
Gareth Jenkinson10 hours agoBNB Smart Chain Optimism-powered layer-2 opBNB hits mainnetBinance’s Ethereum layer-2 scaling platform, opBNB, is now publicly available, following extensive testing of the OP Stack-based pl
Swiss Bank Sygnum Begins Storing Crypto With Taurus Group, Launches Staking Service
Swiss Bank Sygnum Begins Storing Crypto With Taurus Group, Launches Staking Service The Switzerland-based bank Sygnum has announced this week that the fintech fi
Solana Reclaims Key Support After Sweeping Lows – Early Signs Of Reversal?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
JPMorgan Says a Lot of Clients See Cryptocurrency as Asset Class and Want to Invest
JPMorgan Says a Lot of Clients See Cryptocurrency as Asset Class and Want to Invest JPMorgan says a lot of its asset and wealth management clients think cryptocu