Altcoin News

Verge (XVG) Displays More Vulnerability As It Surfers Another Massive Attack

As if Verge (XVG) is a diametric image of its attribute, the Cryptocurrency is always facing a cyber-attack or the other. While Vergecurrency is tagged a secure and anonymous Cryptocurrency, with a slogan “Advanced Privacy is a choice” it comes to one’s surprise that the altcoin seems much susceptibility to attacks.

The newest one which came to the world’s notice is a rousing update around the social media that Verge is being exploited again with a massive attack on its chain.

The whole story started when Verge itself on Twitter announced that it is experiencing some problems with its mining pools but the development team is working on solving it.

“It appears some mining pools are under ddos attack, and we are experiencing a delay in our blocks, we are working to resolve this”, Verge twitted.

Subsequent to that, lovers and users of the altcoin and Cryptocurrency in entirety have displayed series of reaction to the latest event with countless of reply on social media.

kaigeta, a Redditor complained about the frequency of attacks on the altcoin.

“ocminer holding it down. Holy shit i’m glad i caught this. XVG has been attacked more times than I can remember at this point”.

While similarly, a twitterian, Boštjan Naglič‏ in his own statement said;

“No worry, nobody cares about shitcoins anymore.”

Ocminer, a well-known and respected member of Verge community on Reddit, who alerted the cyrptocurrency on the last attack gave a detailed explanation of how the attack went.

“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:”

Image Credit: Reddit

“Both algos, scrypt and lyra2re can be rented easily for a few bucks at nicehash, they simply send one block scrypt, after that a block lyra2re and so on and all with manipulated timestamps thus lowering diff to lowest possible mining several blocks per minute like this”, ocminer added.

Previous Attacks On Vergecurrency.

Even though the attack is a fresh one, it is not the first of its kind for the altcoin. Previously, before the initiation of the crowdfunding campaign, hackers demanded for fund from users of the cryptocurrency on the altcoin’s twitter account, in a way fashioned like the crowdfunding campaign, and their funds were carted away.

Later, Verge also suffered another attack after a malicious miner gained control over 51% of Verge network through hashrate. The heist accounted for not less than 250,000 coins stolen.

While the cryptocurrency continues to get ripped off on several occasions by hackers, it still displays a high level of sophistication in the crypto globe by gathering massive developments like partnership with the almighty Pornhub and Brazzar, Traffic Junky and more.

coinmag

Niyi Adejare is a cryptocurrency analyst. He has written may articles on cryptocurrency, technology, and personal development.