After a 51% Attack and downfall, Verge still has to work
Apr 06, 2018 Posted / 737 Views
Something which could not have been thought of happened on a late Wednesday night when an unknown attacker took control on 51% Verge tokens and ate as much as 2500 investments, giving the team of Verge a high time.
April 4 an anonymous user announced on the Bitcointalk that XVG was under a 51% attack, because of a bug in the altcoin that enabled the hacker to spoof away with the coins. This happened because the glitch caused the timestamp fault and made the blocks multiply using the same algorithm. This si different why because usually a different algorithm is used for each and every coin to keep them unique and to prevent any single miner or pool of miners from controlling the XVG hashrate.
The Verge community which is known to be active in such manner and intolerant towards such activities took note of this. They released an official statement in which they said that “The timing of this attack seems highly suspicious. Is it possible this was not an individual but an anti-crypto governmental organization that fears the huge deal that Verge is making? Way too much of a coincidence here. I’ve said for months that all it takes is one huge (legit) deal with an Amazon/Paypal class company and the market will quadruple overnight”.
The miner was, however, an experienced one as he used multiple glitches in XVG code to his advantage to bring to him multiple codes within a few seconds. Although the hacker gave up after sometime, he or she managed to bring on board as much as 51% of all the coins, thus controlling the network. A lot of damage was already done, and nothing could be done to undo it.
If this wasn’t enough for Verge, the attacker posted a taunt stating how much fun he had doing this. In his post on the forum, he said, “Hey Verge Team, get some real developers and fix your code. We have found another two exploits which can make quick hashes as well.”
To add to this, many verge holders were fooled by a Twitter post stating this hack as organized .the tweet reads, “I visited some hours ago the official Verge Twitter profile to read the news about the hash hack. While reading the tweet, I noticed several messages offering compensation for the attack by Verge. Send x Eth, and you get some bonus back. Sounded legit to me as it was affixed to the hash attack and I suffered from it as well having had some hours only orphaned blocks on all my baikals. Hence I fall victim to this damn scam on the official twitter page”.
While it is being looked into, what is surprising is the 51% attack which is pretty rare and does not happen quite often. Even though altcoins have a much lower hashrate, still a 51% control means controlling the majority of the crypto single-handedly. However, Verge is not alone to have experienced this 51% attack. Another such coin electroneum is believed to have succumbed to a 51% attack just three days ago.
Many reports suggested that electroneum 51% attack, it is the same person behind the Verge attacks too.
Rowan Stone, the founder of the crypto firm Alter Chain, explained what could have happened, and its implications. He said that “PoW coins [such as verge] are secured via decentralized consensus. This attack is a great example of what is possible when a single entity has enough hashpower to create their consensus. The fact that the XVG code base had a fairly significant bug just made it easier for the attacker to pull this off.”
The trouble, however, does not merely end here. XVG is down by 24% in less than 24 hours and will increase another significant hit if the money is not recovered. However, the name is faced as the prices may gain control because of the substantial announcement which is to be made on April 16, which is keeping the investors calm till now. Also, this was not the first attack on Verge as its twitter was hacked too and this led to spilling a lot many secrets.
We can now only pray that things come under control and XVG revives again!
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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