Various reports say that the Verge cryptocurrency network suffered a 51% attack that resulted in a massive block reorganization of more than 560,000. Analysts believe the Verge network attack could be the deepest blockchain reorganization (reorg) in history, deleting about 200 days worth of Verge transactions.
Reports show that Verge Network has seen a massive reorg of more than 560,000 blocks
The Verge blockchain and its native token XVG once made headlines for being added to the popular adult website Pornhub. This week, the Verge network was attacked 51% of the time, according to several analysts and social media observers. Verge suffered a total of three 51% attacks. One in April 2018 and another 51% attack a month later when a malicious XVG attacker rejected a number of blocks.
Network data analyst at Coin Metrics, Lucas Nuzzi, tweeted about the problems with XVG on February 15th. The XVG transaction history of the last 200 days has simply disappeared, ”Nuzzi told his 9,000 Twitter followers. “This is probably the deepest reorganization that has ever occurred in a ‘top 100’ cryptocurrency,” he added. The action was captured by a Coin Metrics node according to Antoine Le Calvez, who also wrote about the Verge network situation.
“It looks like XVG (Verge) had a massive reorg with more than 560,000 blocks,” he said. “The Coin Metrics node is in a new chain, the last common ancestor of which with the previous chain dates from July 2020,” added Le Calvez with a screenshot of the action.
Researcher and author Hasu also wrote about the problems with XVG. “Verge (XVG) is experiencing the deepest reorg ever on a PoW blockchain,” Hasu said at the time. “One attacker replaced 200 days [transactions] with empty blocks, thousands of scales have simply evaporated. “
Hasu added:
What sounds scary is actually pretty easy to counter – knots reject the attacker’s chain and restore the previous one. But it’s another data point that shows why GPU minecoins are inherently unsafe.
Bittrex pauses Verge Wallet
In addition, the popular cryptocurrency exchange Bittrex announced that it has stopped the XVG wallet. “The XVG wallet on bittrex.com and the Bittrex Mobile App are currently being serviced,” wrote the exchange on Monday.
Litecoin (LTC) creator Charlie Lee told people on Twitter to “always be careful with coins that are highly NiceHash-enabled”. “If there are no upfront costs, the additional costs can be quite affordable. And it would be easy to do a 51% attack and rearrange the chain, ”explained Lee.
The Cryptocurrency Verge (XVG) is a multi-algorithm-capable proof-of-work-based token, as can be seen from the project’s “black paper”. The multi-algorithm allows people to mine XVG with a variety of devices adding the paper. Verge (XVG) is open source and claims to be privacy conscious through the use of Tor and Stealth transactions. However, XVG has also been accused of losing IP addresses in connection with hundreds of XVG transactions. Since the third attack on the Verge network this week, XVG has lost more than 10% in value.
What do you think of the 51% attack on the cryptocurrency? Let us know what you think on this matter in the comments section below.
Tags in this story
51% attack, 560,000 blocks, Antoine Le Calvez, Bittrex, blockchain reorganization, Charlie Lee, coin metrics, cryptocurrency, exchanges, Hasu, Lucas Nuzzi, Nicehash, Pornhub, Reorg, transactions, rand, rand (XVG), wallet, xvg
Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter, Antoine Le Calvez,
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