The Bitcoin SV (Satoshi Vision) blockchain has just been targeted by another 51% attack. According to a CoinMetrics member, Lucas Nuzzi, a group of miners began the attack yesterday by starting a chain reorganization. Nuzzi specified that the miners created three separate versions of the Bitcoin SV blockchain with different mining pools simultaneously mining them.
As a result of the attack, the price of BSV fell to $133.83, a 7% plunge. However, the price recovered and is trading at $140 at press time.
Bitcoin SV is a hard fork of the Bitcoin Cash blockchain, created in November 2018. The cryptocurrency is largely promoted by Craig Wright, who repeatedly proclaimed himself as Satoshi Nakamoto, the creator of Bitcoin.
Reactions to the 51% attack have been unfavorable, especially since the BSV blockchain is not taken very seriously by many crypto community members.
A 51% attack happens when miners manage to control over 50% of a proof-of-work blockchain. With this control, the miners can reorganize blocks to favor malicious intentions, a feature usually reserved for situations where more than one miner mines the same block.
A 51% attack usually happens on smaller or weaker proof-of-work blockchains. The repeated occurrence on the BSV blockchain adds credence to the notion that the network is a little too vulnerable.
Image Credits: Pixabay
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