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A Recent Hack Cost VERGE (XVG) Over $1 Million

Posted Date 05/30/18

Investors’ decisions highly depend on security and anonymity when investing in digital currency. A company called Verge (XVG), formerly known as DogeCoinDark, created in 2014, has come a long way having been through rebranding during 2016, which exponentially increased their value. Verge boasts of tight security measures and tracking of users’ purchases, all while staying anonymous, which has excited many investors. Recently, Verge partnered with porn.hub so that users’ could utilize Verge’s anonymous cryptocurrency as a form of payment through porn.hub.

verge

Unfortunately, there have been hacks in the system, affecting many users. Not only had there been one hack in April, but also the company had contracted a second hack in less than two months. These major hacks have been terrible and strenuous for Verge, with the company losing over $1.7 million.

 

A report from BitcoinTalk explained that “the attacker [had] forked the blockchain through a striking 51% DDoS attack.” The attacker utilized a bug in the XVG code which created new blocks and set falsified timestamps on the blocks. One Bitcoin.org user, Ocimer, unveiled that the attack was a the result of an almost identical glitch that had been applied earlier from the last attack.

 

There are many vulnerable aspects of cryptocurrency and Verge has seen almost all kinds of security breaches. There are notable features that Verge relies on that create a greater risk of future attacks. For instance, Verge utilizes a Dark Gravity Wave algorithm, which modify the hassle of mining each XVG block. Additionally, Verge employs multiple algorithms for mining, which are responsible for the hashrate security. Lastly, a major loophole has made the blockchain allow users to use incorrect stamping, which the hackers used in order to execute said attack. By submitting the wrong timestamp, the algorithm lowered its difficulty by an exceeding amount.

 

Source:https://globalcoinreport.com/verge-xvg-loses-over-1-million-in-a-recent-hack/

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