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Craig Wright-Founded Bitcoin Spinoff Suffers 51% Attack: What You Should Know

Craig Wright-backed Bitcoin SV (CRYPTO: BSV), which is a fork of a fork of Bitcoin (CRYPTO: BTC) suffered a 51% attack on Tuesday.

What Happened: The revelation of the attack was made by Lucas Nuzzi,  the network data product manager at CoinMetrics on Twitter.

CoinMetrics also tweeted later on the attack saying its security monitoring tool FARUM noted a 14-block reorg of the Bitcoin SV network.

BSV traded 6.35% lower at $136.12 over 24 hours leading up to press time. The coin traded 4.21% lower against BTC. The apex cryptocurrency traded 2.03% lower at $38,144.70 over 24 hours.

Why It Matters: CoinMetrics said no further reorganization was noted on the network but said synchronization conflicts were ongoing.

Switzerland-based Bitcoin Association identified four large attacks on BSV beginning June 24. These attacks could have been executed to perform double-spend attacks.

See Also: How To Buy Bitcoin (BTC)

The Association recommended that node operators invalidate the fraudulent chain that came into existence post the latest attack.

In June, Wright got a ruling in his favor in a case involving copyright infringement related to the original Bitcoin whitepaper authored by Satoshi Nakamoto, the presumed creator of the apex coin.

See Also: Is Ethereum On Track To Cross $3,000 Mark?

The court asked “Cøbra” the pseudonymous operator of Bitcoin.org to remove the whitepaper, to which Craig claimed to hold the copyright.

On Tuesday, ​​Cøbra said on Twitter, “Imagine if a bank got robbed every few weeks. Would you trust their security deposit boxes with your valuables?”

Read Next: Bitcoin, Dogecoin, Ethereum Recede Over Regulatory Worries But These Altcoins Are Going Strong

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