Bitcoin SV (BSV) has become the latest victim of what are known as 51% attacks, in which hackers take control of more than 50% of the blockchain, allowing them to perform certain transactions, analytics resource CoinMetrics has reported.
According to Lucas Nuzzi, an analyst of the company, the crypto's blockchain underwent a reorganization of its blocks at 11:46 am yesterday that resulted in at least 3 simultaneous versions of the crypto's blockchain being mined.
CoinMetrics has confirmed the attack shortly after, reporting its security tool FARUM had identified the block reorganization.
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Nuzzi added that "for over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent."
The Bitcoin Association, an industry group that supports BSV adoption, has issued a statement on the attack recommending that "node operators mark the fraudulent chain as invalid. This will immediately return your node to the chain supported by honest miners and lock the attacker’s chain out."