Verge, a privacy-centric cryptocurrency, reportedly suffered an attempted 51% attack, causing a massive blockchain reorganization, which wiped off over six months of transactions.

200 Days Worth of Verge Transactions Wiped Off

The issue was first revealed by Antoine Le Calvez, chief data engineer at blockchain research company Coin Metrics. Tweeting on February 15, Le Calvez noted that 0over 560,000 blocks were affected.

Le Calvez’s colleague, Lucas Nuzzi, who is Coin Metrics’ network data product manager, also said that the block reorganization effectively erased 200 days worth of transactions on Verge. Nuzzi added that the incident was “likely the deepest reorg that has ever taken place in a “top 100” cryptocurrency.”

Meanwhile, Verge responded via its Twitter handle, stating that the team was aware of the issue and was working to address the problem. Also, users were informed that everything would get back to normal in 13 hours’ time.

Read Also:   India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

In addition, Verge’s Telegram channel had a series of pinned messages addressing the situation, one of which stated that there was an attempt to create a fork by some malicious nodes, adding that there was no 51% attack. The platform further published a Medium article hours later detailing the reported attack.

According to the team, funds are now safe. though users should check their transaction data to make sure nothing is out of the ordinary.

Crypto Industry Still Suffers 51% Attacks

While Verge assured users’ that their funds were safe, some members of the crypto community noted that it was not the first time the platform was experiencing such an incident.

Read Also:   Cardano Price Analysis: ADA Skyrockets 80% in 7 Days, Surpassing Ripple

Also commenting on massive block reorganization was Litecoin creator Charlie Lee, who said:

“Verge (XVG) just got 51% attacked. Always be wary of coins that are highly NiceHash-able. When there’s no upfront cost, the incremental cost can be quite cheap. And it would be easy to do a 51% attack and re-org the chain.”

Indeed, there have been a series of 51% attacks in the crypto industry. As reported by CryptoPotato back in January, another privacy coin Firo fell victim to 51% attack. Ethereum Classic also experienced the same fate a couple of times, with the latest attack occurring in August 2020.

Verge, the latest victim, was created in 2014 and was previously known as “DogeCoinDark.” The coin made headlines back in April 2018, when it became the first cryptocurrency adopted by major adult website Pornhub as a payment option.




Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


Verge (XVG) Goes Through an Attempted 51% Attack

by Steven Willis
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format