Craig Wright-Founded Bitcoin Spinoff Suffers 51% Attack: What You Should Know

Craig Wright-backed Bitcoin SV (CRYPTO: BSV), which is a fork of a fork of Bitcoin (CRYPTO: BTC) suffered a 51% attack on Tuesday.

What Happened: The revelation of the attack was made by Lucas Nuzzi,  the network data product manager at CoinMetrics on Twitter.

BSV is going through a massive 51% attack.

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.

— Lucas Nuzzi (@LucasNuzzi) August 3, 2021

CoinMetrics also tweeted later on the attack saying its security monitoring tool FARUM noted a 14-block reorg of the Bitcoin SV network.

All of our FARUM nodes witnessed a deep reorg with a max depth of 14 blocks.

No further reorganization events have been witnessed, but there are still synchronization conflicts taking place on major mining pools. pic.twitter.com/aM6FoWOKke

— CoinMetrics.io (@coinmetrics) August 3, 2021

BSV traded 6.35% lower at $136.12 over 24 hours leading up to press time. The coin traded 4.21% lower against BTC. The apex cryptocurrency traded 2.03% lower at $38,144.70 over 24 hours.

Why It Matters: CoinMetrics said no further reorganization was noted on the network but said synchronization conflicts were ongoing.

Switzerland-based Bitcoin Association identified four large attacks on BSV beginning June 24. These attacks could have been executed to perform double-spend attacks.

See Also: How To Buy Bitcoin (BTC)

The Association recommended that node operators invalidate the fraudulent chain that came into existence post the latest attack.

To invalidate the fraudulent chain, node operators should run the following command on their #BitcoinSV node:

bitcoin-cli invalidateblock 000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840

Please reach out on Twitter with any questions for the BA team.

2/2

— Bitcoin Association (@BitcoinAssn) August 3, 2021

In June, Wright got a ruling in his favor in a case involving copyright infringement related to the original Bitcoin whitepaper authored by Satoshi Nakamoto, the presumed creator of the apex coin.

See Also: Is Ethereum On Track To Cross $3,000 Mark?

The court asked “Cøbra” the pseudonymous operator of Bitcoin.org to remove the whitepaper, to which Craig claimed to hold the copyright.

On Tuesday, ​​Cøbra said on Twitter, “Imagine if a bank got robbed every few weeks. Would you trust their security deposit boxes with your valuables?”

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