Bitcoin SV’s price was briefly jolted as its community digested the news that the cryptocurrency had suffered a 51 percent breach. Following the news of the network attack, Coinbase ceased trading the cryptocurrency on its exchange platform.
Coinbase, which only listed BSV a few months ago, announced today that trading on the website would be suspended. Although Coinbase has halted transactions, Gravity, a Bitcoin SV-focused cryptocurrency exchange, has yet to do so. Instead, it announced today on Twitter that it would continue to process transactions while monitoring the situation.
A quick look at other exchanges where the cryptocurrency is listed for trading revealed that trading was taking place normally. Huobi also stated on Twitter today that there were no safety concerns for its users as a result of the reported BSV vulnerabilities.
“We are proud to be the only exchange that has not been impacted by attacks. Months ago, risk control measures were preemptively prepared, and tech infrastructure was strengthened to protect users.”
Trading appears to be normal on Kucoin, which is likely the largest market for BSV trading.
Hackers attempted to breach Bitcoin BSV (Bitcoin Satoshi Vision) yesterday and then unleashed massive hashing power on the network today, successfully overwhelming it. It is the second time in a month that the BSV network has been subjected to a double-spending attack. When the attack began, it was reported that some blocks had already been reorganized and mining was taking place on three versions of the blockchain.
“The Bitcoin SV network is currently undergoing a series of block-reorganization attacks by a malicious actor attempting to illegally double-spend BSV coins,” wrote Bitcoin Association, the organization that manages the Bitcoin SV network.
A 51 percent attack is carried out by miners who attempt to overwhelm the network in order to reorganize transaction records in order to attempt double-spending of coins and lower their value.
The attacks rekindled debates about the Bitcoin and Bitcoin SV networks’ fierce competition, with some attributing the breach to those who were opposed to recent advancements in the BSV network, such as increased transactional volume and block size. On July 16, the Bitcoin SV fee/block reward ratio surpassed that of BTC for the first time in history, which some regarded as a network achievement.