Verge Suffers The Infamous 51% Attack For The Third Time
Verge, the privacy-centric cryptocurrency has become the laughing stock of the crypto-ecosystem after constantly suffering 51% attacks and allowing hackers to exploit its vulnerability.
The first installment of the attack had come in April when they suffered an ambush by hackers that led to 250,000 XVG getting stolen. Verge responded to this by hard-forking their blockchain but the act did not help much as just last week hackers added a second algorithm to exploit the same vulnerability previously used by the attackers.
51% attack refers to an attack on a blockchain, for which such an attack is still hypothetical – by a group of miners controlling more than 50% of the network's mining hashrate, or computing power. The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They would also be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins. By controlling the majority of the computing power on the network, an attacker or group of attackers can interfere with the process of recording new blocks.
Verge downplayed the recent assault as nothing more than a DDoS attack, but many reports say that over 35 million in XVG tokens amounting to over $1.4 million USD was lost as the result of the attack.
Not only has Verge’s blockchain been vulnerable to hacks but also their twitter account had been compromised in a distinct attack. Verge is currently the 33rd largest coin by market size but if things continue like this, it is pretty evident that investors will run away from it.
It seems like that the only positive news to come out of Verge’s camp was the partnership with PornHub which has made it the official cryptocurrency accepted by the adult content provider for premium membership.