The Bitcoin SV (Satoshi Version) network created by one of the most talked about characters in the crypto ecosystem, Craig Wright, suffered a powerful 51% attack. These types of attacks are not new, as the Ethereum Classic blockchain had also suffered several such attacks.
BSV was born in 2018 from a fork of BCH (itself born from BTC in 2017) and about 2 years ago it was also delisted by Binance (founder Craig Wright had heavily insulted users on Twitter). The 51% attack led to the creation of 3 alternative and malicious chains and a reorganization of the blocks.
After an attack attempt five days ago, a huge amount of hashpower was used four days ago at 11:46 AM. More than a dozen blocks were rearranged and the pools for about 3 hours mined 3 different blockchains simultaneously.
A 51% attack occurs when an entity manages to control 51% of a blockchain's total hash rate. In this way, it can unilaterally decide which new blocks are added to a chain, confusing the nodes. An amount of computing power greater than 51% carries out a hostile takeover of the blockchain, entering illegal and fraudulent operations (also double spending. In the past it had already been demonstrated in this video: Double Spending On BSV Network). This is a relatively rare scenario, because it is a very expensive attack and requires considerable computing power, even for low-traffic blockchains. However, I report that BSV's price was not affected that much.
The Bitcoin Association, an industry group that promotes the adoption of BSV, released a statement on the ongoing attack:
"In response to the ongoing reorganization attack on the #BSV network, the Bitcoin Association recommends node operators mark fraudulent blockchains as invalid. This will immediately bring your node back to the blockchain supported by honest miners and block the blockchain of the attackers.
To invalidate the fraudulent blockchain, node operators must run the following command on their #BitcoinSV node:
bitcoin-cli invalidateblock
000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840
Please contact us via Twitter with any questions for the Bitcoin Association team"
As we know in the Bitcoin network that miners are able to control 51% of the total hashrate is practically impossible. To do this, large hardware and economic resources are required.
The large consumption of energy by Bitcoin, which has also attracted criticism from environmentalists and those who do not understand how the system works, is actually the real strength of the network, as well as its security.
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