Privacy-Coin Verge (XVG) Is Back to ‘Business as Usual” Following the Massive 51% Attack
Privacy-coin Verge (XVG) has suffered a major block reorganization. “Malicious elements have tried to take over our blockchain,” announced the team during the wee hours of Tuesday.
“Working with miners our dev team has released a fix, preventing damage. In 13 hours, it will be business as usual,” added the team as they worked on the future update to prevent this from happening again.
Anyone running a full Verge-qt node is asked to update it with the latest release, 6.0.3.
This resulted in the price of the digital currency falling about 20%, but it since then recovered some and is currently trading around $0.0236, up 223% YTD.
A small cryptocurrency with a $380 million market cap recorded just $50 million volume in the last 24-hours and is a payments option on Pronhub.
According to the data provider Coin Metrics analyst, the transaction history of its blockchain of the last 200 days has simply vanished, calling it “likely the deepest reorg that has ever taken place in a “top 100” cryptocurrency.”
But tell me again how Bitcoin's energy use is "wasteful" https://t.co/UbBjXI27Jz
— Jake Chervinsky (@jchervinsky) February 15, 2021
Verge team released a post-mortem of the attack, which occurred late last night but apparently “failed.” Following this, many cryptocurrency exchanges and wallets stopped accepting inbound and outbound transactions.
Because the chain was unstable during the attack, everyone is asked to check that their transactions have been written correctly to the working chain.
The one-hour cost to 51% attack the Verge blockchain is a mere $47, as per Crypto51.
“Verge (XVG) just got 51% attacked. Always be wary of coins that are highly NiceHash-able. When there’s no upfront cost, the incremental cost can be quite cheap. And it would be easy to do a 51% attack and re-org the chain,” said Litecoin creator Charlie Lee.