BSV blockchain suffers three 51% attacks in two months

Bitcoin Satoshi Vision (BSV) has been hit by numerous blockchain reorganization attacks in recent months, leading to concerns about the chain’s stability and long-term prospects.

The attacks have produced new, malicious network branches, which have been immediately flagged as invalid. Developers have assured that all attacks have been warded off and fraudulent chains resulting from the attacks neutralized.

BSV’s susceptibility to recent attacks has been the cause of some red flags, as it highlights issues with proof-of-work blockchains which can be taken over if there isn’t enough hashrate to back up their operations on day-to-day basis.

Out of the main blockchains, BSV seems to be the only one that is openly susceptible to such attacks.

Neither Bitcoin nor Ethereum have been penetrated by such reorganization attacks, signaling their strength and overall stability.

The attacks on BSV occurred between June 24 and July 1, with another 51-percent-attack following in August. While the full damage of the attack is unknown, it’s reported that Bitcoin SV has seen 10 hours’ worth of transactions compromised.

The Bitcoin Association has encouraged node operators to flag the false chains as invalid and drive a community response towards the attack.

While crypto communities are keen to target and isolate fraudulent activity, the fact that BSV has found itself fending off three such attacks points to a more serious problem.

The attacks appear not to be connected to the same parties according to BSV CTO Steve Shadders. Rather, the incidents came from separate places. However, this begs the question what happens when BSV can be compromised so many times in just a few months?

For its part, the Bitcoin Association has responded by informing law enforcement and trying to detect the origin of the attacks: “Bitcoin Association and its legal representatives are actively engaged with law enforcement in affected jurisdictions — a process which the Bitcoin SV Infrastructure Team is supporting on an ongoing basis by collecting and collating all of the forensic evidence that the attacker has left behind.”

However, the biggest challenge for Bitcoin SV will be to stay safe against such 51-percent-attacks. One solution would be to introduce secondary protocols that allow BSV to quickly identify issues with fraudulent chains.

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Source

Updated: 08/09/2021 — 13:00