Following the latest in a series of network hacks, major cryptocurrency exchange Coinbase has suspended bitcoin SV (BSV) trading.
“Due to today’s 51 percent attack on BSV, we are suspending all BSV trade,” the exchange declared on Tuesday.
According to Lucas Nuzzi, network data product manager at crypto intelligence business Coin Metrics, Bitcoin SV suffered a 51 percent attack on Tuesday morning when “some serious hashing power was unleashed on the network.”
According to Nuzzi, an assault was tried initially, followed by a successful one, during which “over a dozen blocks are being reorgd & up to three copies of the chain are being mined simultaneously across pools.”
Coin Metrics corroborated this, stating that the attack was detected by the company’s own blockchain security monitoring tool, FARUM. “All of our FARUM nodes observed a deep reorg with a maximum depth of 14 blocks,” the researchers added. “There have been no further reorganization events seen, however there are still synchronization disputes on big mining pools.”
The Bitcoin Association, a Bitcoin SV-focused organization, stated that they are aware of the hack and that miners are actively responding to it. They’ve also advised node operators to flag the bogus chain as invalid.
“This will immediately revert your node to the chain maintained by honest miners and lock out the attacker’s chain,” they explained.
However, the network is still having problems, according to reports.
In late June and early July, there were four attacks on Bitcoin SV. According to the Bitcoin Association, the assault involved block reorganisation, in which a chain of competing blocks is constructed in parallel with the proper chain.
It’s unclear if this is the same attacker, who the organization describes as “an unknown miner operating (as an apparent impostor) under the ‘Zulupool’ alias.”
The 46th currency in terms of market capitalization has declined 5.5 percent in the last 24 hours and is now trading at USD 134. (at 7:44 UTC). It has risen by less than 1% in a week and down by 11% in a month. Overall, the coin has depreciated by more than 40% in the last year.
It had reached an all-time high of about USD 490 in mid-April before falling 73 percent since then.