Will Verge Collapse Following Recent Hack And Loss of 35M XVG Coins?
The privacy coin, Verge (XVG) has endured yet another assault that is affecting the credibility of the digital currency. A month ago, a mystery hacker dominated the network and minted Verge coins while keeping different clients from making any payments.
Presently, indeed, the Verge network is attacked that is uncovered to be a DDOS attack:
“it appears some mining pools are under DDoS attack, and we are experiencing a delay in our blocks, we are working to resolve this”.
In the fallout of this assault, XVG value tumbled down to $0.045. Right now, at 31 positions according to Coinmarketcap, Verge’s market cap is $685 million. XVG endured an incredible fall in its prices over the most recent 24-hours.
Apparently, the attacker has utilized a modified version of the vector which was utilized a month ago to trick the blockchain. The hacker utilized two algorithms to fork the main Verge chain earning million of XVG tokens and block rewards all the while.
Scrypt and lyra2re algorithms were set to the same to a great degree little amount of difficulty level. The hacker utilized them interchangeably and could make 25 blocks per minute meaning 18.250 XVG or $950 per minute.
The 51 percent attack occurred for the second time yesterday where the attacker could allot false timestamps on Verge blocks. This brought about the minting of 35 million XVG coins ahead of schedule on an extremely low difficulty.
A Reddit user stated:
“It seems the attack is over, 35.000.000 XVG were generated in a few hours. But this also means there is still no fix, and this is possible at any time again. Meanwhile, the only official info out there is ‘mining pools are DDoS’d’.”
Until further notice, the assault has been halted and XVG difficulty has been recovered. Additionally, no complaints of transactions moving back have been accounted for. Mining bounty was really the target here that are worth around $1.6 million according to market rate.
Now, the question is, is Verge really secure?
