Crypto Exchanges Increasingly Becoming Wary Of Bitcoin SV Following String Of Attacks On The Network

Bitcoin SV’s price was shaken briefly as its community continued to digest the news that the cryptocurrency suffered a 51% breach. Following the news of the attack on the network, Coinbase stopped trading the cryptocurrency on the exchange platform. 

BSVUSD Chart by TradingView

Coinbase, which listed BSV only a few months ago, announced suspending the trading on the website today. Although Coinbase has halted transactions, Gravity – a Bitcoin SV-centric cryptocurrency exchange, is yet to halt the transactions. It instead announced on Twitter today that it would continue processing transactions while monitoring the situation.

A quick check on other exchanges on which the cryptocurrency is listed for trading revealed that trading was going on normally. Huobi also announced on Twitter today that they had no safety issues for its users to worry about regarding the reported BSV vulnerabilities. 

“We are proud to be the only exchange unaffected from attacks. Risk control measures have been preemptively prepared months ago and tech infrastructure strengthened to protect users.”

Trading also appears to be going on normally on Kucoin, which is probably the largest market for BSV trading. 

Hackers had tried to breach Bitcoin BSV (Bitcoin Satoshi Vision) yesterday and then unleashed a massive hashing power to successfully overwhelm the network today. It is the second time the BSV network is experiencing a double-spending attack in a month. It was reported that some blocks have already been reorganized and mining was taking place on three versions of the blockchain when the attack started. 

“The Bitcoin SV network is currently enduring a series of block-reorganization attacks by a malicious actor attempting to illegally double-spend BSV coins,” wrote Bitcoin Association, which manages the Bitcoin SV network. 

A 51% attack is carried out by miners attempting to overwhelm the network to reorganize transaction records, and it is done to attempt double-spending of coins and lower their value. 

The attacks again sparked the debates about tough competition between the Bitcoin and Bitcoin SV networks with some people attributing the breach to people who were against the recent advancements in the BSV network, for instance, 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, in what some saw as an achievement on the network.