Bitcoin News and Finance Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg Skip to main content

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

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.

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

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory