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Bitcoin SV has been destroyed with successive 51% attacks

Successive 51% attacks on the Bitcoin SV (BSV) network have been destroying the cryptocurrency. In the 7 August morning, as a result of a cyberattack onslaught the day before, the system was compromised again, drawing the attention of the community and exchanges.

Bitcoin SV has been destroyed with successive 51% attacks

Bitcoin SV has been destroyed with successive 51% attacks (Image: BTC Manager)

“FARUM has identified a 51% attack today on the BSV network at around 11:45AM EDT,” tweeted Coinmetrics. FARUM is the analytics platform’s blockchain security monitoring tool.

On Tuesday afternoon, Coinbase stopped negotiations on Bitcoin SV — and it was very clear: “Due to the 51% attack”. Bitinfocharts data reveals that the BSV hashrate dropped nearly 50% from Monday to Tuesday, the lowest level of the year.

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Earlier last month, the Bitcoin SV Association itself reported one of the 51% attacks. Days later, brokers Huobi, Bitfinex, KuCoin and Hotbit suspended BSV withdrawals and deposits from their platforms without notice.

Huobi’s team, for example, confirmed the suspension of the service due to withdrawals being interrupted due to instabilities in the BSV’s hashrate, in other words, its mining power. Reflecting these measures, the volume of cryptoactive trading also fell by half.

An attack of 51% refers to attacks in which malicious actors assume the majority of the power of the network (thus 51%) and can, on their own, impose policies on the network.

Bitcoin SV (SV stands for Satoshi Version) ‘considers’ the original Bitcoin — a cryptocurrency that remains true to the founder’s goals under the pseudonym Satoshi Nakamoto.

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