Verge Suffers Another 51% Attack, XVG Coin Price Drops 15% in 24 Hours

Verge Suffers Yet Another 51% Attack

The security and privacy-focused crypto coin Verge has suffered yet another 51% attack, which has led to the price of XVG dropping by 15% in just 24 hours. It was just a month ago when ‘ocminer’ on Bitcointalk, announced that Verge was suffering a 51% attack because of a bug in the code. This bug made it possible for attackers to spoof timestamps that made it possible for hackers to use the mining algorithm to make blocks.

How Verge Works

In normal circumstances, the Verge blockchain will force miners to use a different algorithm for every block. This is in an attempt to prevent any mining pool from having control of the majority of the hashing power. By leveraging on various exploit is the code, the attacker successfully mined multiple blocks in one-second intervals. To do this, the hacker only utilized the Scrypt hashing algorithm for three hours.

Verge responded by patching the code using an emergency commit to the repo. Later on, they initiated a hard fork, which invalidated the recent snapshot. This led to a widespread failure in new wallets to synchronize as they built the chain from scratch.

The New Attack Vector is Quite Similar

The recent attack on XVG seems quite similar to the one that took place a month ago. Yet again ‘ocminer’ announced this attack. The new attack was able to replicate the timewarp attack across two mining algorithms. On Bitcointalk ‘ocminer’ revealed that “Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions.”

What is not known is whether the perpetrator of this new attack is the same as the previous one. However, what is known is that 35 million XVG coins were minted using the Scrypt and lyra2e algorithms ahead of time. This caused the mining difficulty to fall, this leading to a steep drop in prices.

Verge Remain Tight-Lipped

The official twitter account for Verge claimed the recent attack was due to a DDOS attack on the mining pools.

However, without any documentation, this story is incomplete at best. The tweet claimed that Verge would implement more redundancy measures to check such things in future.

With this being the second attack in the second month, many in the crypto community have voiced concerns about how secure the network is on Twitter and Reddit:

Verge (XVG) getting exploited again, with the same exploit modified from CryptoCurrency

While the first attack was overshadowed by the announcement that Verge would collaborate with Pornhub, this latest one has cast doubt on the abilities of the lead developers. Pornhub, which is the biggest adult content streaming platform on earth, helped to quell fears about the future of Verge.

Crypto continues to be a target for hackers and malicious groups. As the market develops, experimental projects will need to ensure their developers are cautious. This will ensure that users are safe and that the trust in blockchain technology remains firm.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today