The blockchain system of Bitcoinsv became a 51% victim of blockchain reorganization on the 3rd of August, 2021 as reported by Nikita Zhavoronkov, who had himself founded the company. While 570,000 of the company’s crypto transactions were deleted, yet the company was successful in preventing the 100% loss.
Bitcoinsv has its very own blockchain network, however, since its inception, it has been facing major difficulties. Most recently, in the past month, Bicoinsv’s protocols were exposed to an attack. At that particular moment, about 78% of the company’s network was extracted by a system called notoriously “Taal”. Resultantly, all major crypto exchanges associated with the network immediately stopped utilizing the services of Bitcoinsv’s blockchain network.
However, very recently, exactly on 3rd August 2021, the network has once again undergone a protocol breach. This time the network of Bitcoinsv became a victim of blockchain reorganization, which is also commonly called “reorg”. Although “reorg” is a feature that is inherently part of Bitcoin’s network, however, it is regarded as an attack. Its sole purpose is to deal with particular types of Bitcoin blocks that are usually mined very often.
Nikita Zhavoronkov, who is the founder of the Bitcoinsv network, told on Tuesday that his blockchain network was met with a reorg. He revealed that the issue was resolved before the network could have been victimized hundred percent. However, during the process, the network lost about 57,000 of the transactions meant for the network. It was reported that at least transactions relating to 100 blocks were lost because of the reorg attack.
Even before Zhavoronkov could inform what had happened to his network, two very prominent blockchain analysts noticed the issue with the network. For instance, the first independent analyst to notice the issue was Coin Metrics. Apart from Coin Metrics, the other analyst was Lucas Nuzzi, who not only took notice of the issue but posted the issue on Twitter.
Nuzzi said on Twitter that almost 51% of the blocks at Bitcoinsv’s network had undergone massive reorg. Once again Bitcoinsv’s network system’s reliability and efficiency have been challenged and questioned by its users and analysts. However, the operators of the network are not admitting most of their fault. Instead, they are blaming that someone within the network as a malicious actor. The network further claimed that the earlier attacks, as well as the present attack, are from the very same person.
Meanwhile, Bitcoin Association too is taking the side of the Bitcoinsv’s network. It also believes that the attacks have been coming in from the network itself and there is someone exposing the protocols to risks. The Association has said that from now on it will continue to monitor the activities. For this purpose, it will also take on board the law enforcement agencies for finding as to who is the culprit behind these attacks.