Will exchanges finally ban notorious BSV after another 51% attack?
Bitcoin SV (BSV), the infamous forked blockchain network led by controversial Craig Wright suffered another major 51% attack during the late hours on Tuesday when the perpetrator managed to roll back and alter transactions. Three shadow chains of the network that were mined simultaneously were created. It was on chain analytics platform Coin Metrics that discovered the 51% attack.
Network data product manager at Coin Metrics, Lucas Nuzzi, confirmed the attack that was unleashed on the network at 11:45 am EDT.
— CoinMetrics.io (@coinmetrics) August 3, 2021
Immediately from its separation during the infamous Bitcoin Cash (BCH) hard fork, the BSV network has been in controversy. The blockchain network has been vulnerable to 51% attacks for a long time and has faced a crisis since its formation as already in the early phase, miners noted duplicates of their own mined blocks.
The end of BSV?
Crypto exchanges have previously already warned of delisting BSV from their platform due to its centralized nature and how it is prone to 51% attack. The recent attack could be the final push exchanges need to throw Bitcoin SV of their platforms and mitigate any further risk to its customers.
After BSV had suffered an attack last month Huobi, Okex, and Bittrex has already suspended the network from its platform.
Most of the major crypto exchanges had delisted BSV a few years ago as a result of Craig Wright’s actions when he tried to bully a Bitcoin proponent by filing a lawsuit against him. The person called out Wright out on his claims of him being the (self-proclaimed) creator of Bitcoin. Although the matter is still unresolved and Wright is still keeping up appearances, the majority of crypto exchanges have since put BSV back on offering.
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Author: Peter Siu