The price of Bitcoin SV was briefly shaken as the members of its community were digesting the news of the 51% breach suffered by the token. After the news of the attack on the token’s network, Coinbase discontinued the crypto trading on its exchange platform.
The listing of BSV on Coinbase was only done about a few months ago, but an announcement was made this today of the suspension of every trading activity around the token. Though Coinbase has discontinued BSV trading, Gravity – a BSV Centric Crypto exchange, is yet to suspend the transactions. Instead, the exchange announced on Twitter that trading would continue under a monitored environment on the exchange.
A random check on the exchanges that have BSV listed on them revealed that trading activities are still running normally. Huobi took to Twitter to announce to its users that there are no safety issues to be worried about concerning the vulnerabilities around BSV.
The statement reads, “We are really proud to be the only exchange not affected by the breach. The risk measurement and control has been prepared months preemptively before, and the needed technological infrastructure to strengthen the system and protect users were put in place.”
Kucoin also appears to be unaffected by the breach as trading activities are still going as normal. Currently, Kucoin seems to be the largest market for BSV trading.
Hackers attempted a breach on Bitcoin Satoshi Vision (BSV) yesterday and then releases a huge hashing power to successfully overload the network today. This will be the second time the BSV network will be having such experience of double-spending in just a month. It was recorded that few blocks were already rearranged, and there was mining on three different versions of the blockchain network when the attack began.
The 51% attack perpetuated by miners attempted to overload the network and rearrange the transaction records. The essence of the attack is to perpetuate double-spending and reduce the value of the coins.
Debates have risen on account of the attacks on the strict competition between BTC and BSV networks as people are attributing the attacks on people against the new advancement made in the BSV network. An example is the increased block size and transactional volume. On the 16th of July, the BSV fee per block reward ratio rose to pass that of Bitcoin for the first time in the history of cryptocurrency, which some counted as a substantial achievement.