Analysis Shows 200 Days Of XVG Transactions Erased As Privacy Coin Verge Suffers Third 51% Attack
Here is the peculiar case of Verge. What happened after it was attacked? Get the details to read.
What Is Happening To Verge?
The cryptocurrency network Verge has suffered a 51% attack that led to a massive 560,000+ block reorganisation according to various reports. With roughly 200 days’ worth of verge transactions wiped, analysts believe the Verge network attack could be the deepest blockchain reorganisation in history.
Experiencing A Massive 560,000+ Blocks Reorg By Verge Network Are Reports
For being added to the popular adult website Pornhub, the blockchain Verge and its native token XVG once made headlines. According to multiple analysts and observers on social media, this week, the Verge network has been 51% attacked. From a total of three 51% attacks have Verge been suffered. When a malicious XVG attacker rejected a number of blocks, one back in April 2018, and then another 51% attack a month later.
About the issues with XVG on February 15, the network data analyst at Coin Metrics, Lucas Nuzzi tweeted. Nuzzi told his 9,000 Twitter followers that the past 200 days’ worth of XVG transaction history just vanished. He then added, in a top 100 cryptocurrency this is likely the deepest reorg that has ever taken place. According to Antoine Le Calvez, who also wrote about the Verge network situation, the action was caught by a Coin Metrics node.
He said that experiencing a massive 560k+ blocks reorg was the XVG likely. With a screenshot of the action Le Calvez added that with the previous chain dates to July 2020, the Coin Metrics node is on a new chain whose last common ancestor.
About the problems with XVG, the researcher and author Hasu also wrote. At the time Hasu said, in any PoW blockchain, Verge is experiencing the deepest ever reorg. So that thousands of balances have simply evaporated, an attacker has replaced 200 days’ worth of transactions with empty blocks.
Adding to it Hasu said,
Whereas nodes will reject the attacker’s chain and restore the previous one, what sounds scary is actually pretty easy to counter. Showing why GPU mineable coins are inherently insecure, it’s another data point.
Bittrex Pauses Verge Wallet
Having paused the XVG wallet additionally is the popular cryptocurrency exchange Bittrex announcing it. On Monday the exchange wrote currently in maintenance is the XVG wallet on bittrex.com and the Bittrex Mobile App.
To always be wary of coins that are highly NiceHash-able was the creator of Litecoin Charlie Lee telling people on Twitter. The incremental cost can be quite cheap when there’s no upfront cost. As Lee now explains, reorg the chain and it would be easy to do a 51% attack.
That the attacks were thwarted and failed was what the XVG supporters and team members said. The official Verge Twitter account on Wednesday tweeted, XVG blockchain has overtaken the malicious chain 6 h ago thanks to the power of the open-source community. The account added, the attack failed.
According to the project’s black paper, the cryptocurrency Verge is a multi-algorithm enabled proof-of-work-based token. The paper adds the multialgorithm allows people to mine XVG with a variety of devices. By leveraging Tor and stealth transactions, Verge is open source and claims to be privacy-centric. Associated with hundreds of XVG transactions, however, XVG had also been accused of leaking IP addresses. XVG has shed more than 10% in value since the third attack on the Verge network.
The case of Verge is not an isolated one. It is also applicable to many other cryptocurrencies. It is here where the strength of blockchain is checked for its robustness. Making sure the crypto is in place is of top priority. Make sure that there are many cryptos adding to the collection of those suffering losses and being attacked by other crypto enthusiasts.
Always be on vigil that the security of the coins is not breached. For more, we always suggest having the best proof-of-work algorithms to be placed behind the coins, so that the attack can be thwarted or at least countered effectively.
To Conclude The Write-Up
Where the investors suffer, these attacks have become to be common, and here is what we need to do. Always check the underlying blockchain technology and thereby judge the cryptocurrency making sure it does provide for a way out in case it comes under attack. With the strength of it, this kind of technology now comes to be effective all the way throughout.
You can decide for yourself what to do and how to invest when it is all about the coins. go on and find for yourself with the advice of experts in this situation. Complimenting your expectations is a wise piece of advice from former investors who know the market like the back of your hand. Choose your best whatever be the condition in the market. Good luck with your future investments.