'51 Percent' Attack on Bitcoin SV! Loss Exceeded 5 Percent!
The cryptocurrency Bitcoin SV has been hacked. After the attack, Bitcoin SV slumped over 5%. A cyber attack was carried out on Bitcoin SV, the cryptocurrency that emerged in 2018 after the Bitcoin Cash hard fork.
According to announcements made by risk management platform FARUM and analytics provider Coin Metrics, a 51 percent attack was made on the Bitcoin SV network yesterday.
“Someone is trying to seriously damage Bitcoin SV,” said Lucas Nuzzi, product manager of Coin Metrics, according to the news in Foreks.
According to the information provided by FARUM, the attack lasted about 3 hours. There was an attack on the cryptocurrency last month.
After the news of the cyber attack, there was a drop of more than 5 percent in the cryptocurrency. Bitcoin SV is trading at $134, down more than 4% as of 10:47 p.m.
What is a 51 Percent Attack?
The 51 percent attack is an attack to take control of the majority of the hash rate on a blockchain network.
According to the information in Binance Academy, if 51 percent of the attacker is successful, the attacker can change the order of the trades or eliminate the trades as he wishes.
In other words, if the attacker is successful, he can undo transactions, prevent transactions from being confirmed, and interfere with miners.