CoinMetrics, an cryptocurrency data analyst, discovered the Bitcoin SV network snuff 51% attack on Tuesday through its regular monitoring tool FARUM.

The follow-up data from FARUM, the blockchain safety monitoring tool of the intelligence agency CoinMetrics, confirmed this statement and showed that they had seen 14 blocks that are thoroughly reorganizing the network.

Lucas Nuzzi, Product Information Product Manager, CoinMetrics, sent On Twitter and said:

“BSV is going through a massive 51% attack. After yesterday’s attempted attack, a serious dispersal force was released today at 11.46 and the attackers succeed. More than a dozen blocks are reorganized and up to three versions of the chain are mined simultaneously across the pools.”

CoinMetrics noted that the attack is over, and some industry analysts point to ongoing large-scale attacks from unknown individuals on network vulnerabilities.

This attack appears to have a slight negative impact on the price of Bitcoin SV. As of this writing, Bitcoin SV has dropped From 4.22% to $ 135.51 within 24 hours, according to Coinmarketcap.

Last month, several Huobi pioneers, including OKEx and Bittrex, also suspended the BSV deal. The Bitcoin SV network also attacked through an illegal block reorganization on July 8th.

There are currently two types of Bitcoin forks on the market: Bitcoin Cash (BCH) and Bitcoin SV (BSV). Bitcoin SV is due to the highly controversial hard fork in the Bitcoin Cash (BCH) block chain in November 2018 to address Bitcoin’s scalability.

BSV developers have expanded the block size limit from 128 megabytes to 2 gigabytes to improve the user experience and increase the benefits for miners.

Image source: Shutterstock

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