Market Cap:
$0.00
24h Vol:
$0.00
BTC:
$0.00
ETH:
$0.00
COV:
$0.00

Verge Blockchain Exploited Again in Second 51 Percent Attack

Back in April, Verge, the privacy-centric crypto token, suffered a 51 percent attack that allowed hackers to make off with 250,000 XVG.

A 51 percent attack happens when hackers run a complex algorithm with the goal of dominating blockchain mining at the rate of a minute apart, taking control over the network’s hashrate, allowing the hacker to steal tokens at an extremely fast rate.

Verge responded by hard forking its blockchain in an attempt to plug up any vulnerabilities hackers were exploiting.

However, according to Bitcointalk user 'ocminer' who uncovered the first 51 percent attack, it appears hackers are back at it, adding a second algorithm to exploit the same vulnerability from the first 51 percent attack. The hackers were successful, resulting in 25 blocks per minute being mined, generating 8250 XVG or $950 per minute being stolen by the attacker. The total amounted to 35 million XVG, or $1.7 million in XVG tokens.

Verge tweeted about the incident, downplaying the attack as nothing more than a “ddos attack” that is causing delays in block-mining, but cryptocurrency community members were quick to call their bluff, pointing to an active Reddit thread outlining the full details of the 51 percent attack.

For a cryptocurrency so focused on privacy, security is not their strong suit. In addition to two 51 percent attacks in as many months, Verge also had their Twitter account hacked back in March of this year.

Verge recently made headlines for becoming the first-ever cryptocurrency to be accepted by Pornhub for their premium services.