It has been an eventful few months for the Verge (XVG), a privacy-oriented cryptocurrency with a total market cap of $630 million. The project recently announced a major partnership with the popular adult content website Pornhub. It was also ranked 13 out of all cryptocurrencies by the Chinese government, the same ranking as bitcoin.
Wile the good news has been rolling in, there have been a few disconcerting events that have compromised faith in the underlying technology that drives the popular cryptocurrency. Most recently, Verge fell victim of the dreaded 51% attack, where attackers made off with approximately 35 million XVG, around $1.7 million, by gaining control of more than 50% of the network’s mining hashrate and invalidating other miners blocks.
it appears some mining pools are under ddos attack, and we are experiencing a delay in our blocks, we are working to resolve this.
— vergecurrency (@vergecurrency) May 22, 2018
If this sounds familiar, its because the same type of attack occurred a little over a month ago and 250,000 XVG was stolen. In the first attack, the hackers utilized a single algorithm to fork the Verge chain, enabling them to quickly mine multiple blocks. In the latest attack, two algorithms were used to take advantage of a vulnerability called a ‘timing warp‘, which allowed the hackers to take control of the network.
Making matters worse, Verge has been the subject of multiple Twitter hacks this year. Back when the project was in the process of crowdsourcing a fundraising campaign for its now unveiled Pornhub partnership, hackers gained control of the Verge social media accounts and asked Verge followers to donate XVG to a fraudulent wallet for a chance to receive double the amount in return, a common method of cryptocurrency fraud. More recently, Verge’s Twitter account was impersonated by a different verified account that was hijacked and re-designed to look exactly like Verge in an attempt to further solicit crypto from unsuspecting followers.
In response to the latest attack, the Verge team quickly stepped in to patch the blockchain vulnerability and has plans to further secure its network in the coming weeks. However, Verge’s (XVG) coin price has taken a hit since the event, losing nearly 20% and over $200 million in total value.
More on Verge
Verge is a secure and anonymous cryptocurrency that is being designed both for personal and business use. Verge leverages the Wraith Protocol, which enables users to seamlessly switch between public and private ledgers on the Verge Blockchain. What’s more, Verge uses Tor IP obfuscation and I2P tunneling to further promote security and anonymity, as well as multiple PoW algorithms to expand mining access. (more)