Verge, known as a cryptocurrency that powers anonymity, privacy, and security because a so-called 51% hack has hit its vigorous factors.
Same hack but different day
Just a day after asserting a wholly new partnership with the medical company DIOXYME to enable users to pay with its cryptocurrency, Verge has dropped 35 million coins worth around 1.7 million USD few hours before in an attack.
According to TNW, the recent attack was reported by a user named as ‘Ocminer’ on Bitcointalk.org in April which exploited the vulnerabilities in Verge’s code to reap the rewards in a short period and mine a large number of blocks.
In fact, the company named the April attack as the “small hash attack” on Twitter and is also known as “51% attack” which dropped 22% of Verge’s value at the moment. Nevertheless, Verge switches between five completely different cryptographic platforms for every new mined block.
Forthwith, in both assaults, the hackers discovered a new method to hamper the timestamps enabling the system’s mining capability to be stored using less computing power.
Notably, Verge hard forked responding back to the recent assault however they failed to remove the glitch which enabled the second attack to happen. In so doing, the corporation has outplayed the attack on Twitter as a “rebuttal of services attack affecting XVG mining pools.
Since the first attack Verge has been focusing on creating a majority sale of tokens valued at 2 million USD as it moved towards signing a partnership contract with Mindgeek which owns Brazzers and Pornhub. An initiative was taken by Verge to leverage instead of convincing the online music giant Spotify to include privacy based cryptocurrency.
Unfortunate streak for privacy coin
Verge had traveled through a hard journey which began in March when Verge’s twitter account was hacked, and tweets were sent out by a so-called scammer to its followers providing double back on XVG currency they sent to a fraudulent wallet.
The scam netted its immoral act around $7 however, the two 51% hacks coupled with a rumor that there’s another vulnerability in the network which reveals the IP addresses of users.
According to coinmarketcap.com XVG has been listed on Bitfinex however it hasn’t affected XVG’s value as much as it has been steadily siding over the month after dropping 23.58% in the past period of seven days.