After suffering from 51% attack twice, Verge coin has made a hat trick with another 51% attack. Ocminer of Bitcointalk who reported the last two attacks confirmed it this time as well. Right now in the green, it is to be seen if the third time will be dreadful for the XVG prices and market value.
Third time’s a dread: Verge coin repeatedly getting 51% attacked
Verge coin (XVG) gets attacked yet again. This is not the first time or second time, It’s the third time that Verge has suffered a 51% attack.
The forum thread titled “Network Attack on XVG / Verge” has people talking about another possible attack called v3.0. Ocminer wrote:
“Yup… attack again.. as already said, simply reducing drift time doesn’t fix it..”
Verge is a privacy-focused coin that has been exploited by hacker multiple times resulting in the loss of Verge tokens worth millions.
It first started in April, when Verge was 51% attacked resulting in the loss of 250,000 XVG. At that time, Verge solved the issue via its hard fork.
This happened again a few weeks back when Verge was again hacked by exploiting the same vulnerability as before. The attackers were able to steal 35 million XVG tokens that were worth around $1.7 million at the time of the attack. However, Verge downplayed the attack by stating it just a DDoS attack.
On the Verge of collapse?
Last month, Verge was one of the most buzzing cryptocurrencies with the announcement of the partnership with Pornhub. With its millions of users, Pornhub gained a lot of attention and saw a rise in its price as it reached $0.1 from its March low of $0.03.
It was one of the most prominent partnerships which were also the first ever cryptocurrency to be accepted by the adult entertainment.
But repeated 51% attacks are putting a question mark on the security of Verge cryptocurrency. This news has Reddit community alive with responses like:
One Redditor, surgingchaos stated:
“Verge isn’t just getting 51% attacked; it’s suffering what is essentially a 100% attack. This exploit is giving the attacker full control over the network.”
Another Redditor, tastewalker shared his disappointment with:
“You must be kidding me. That just happened, why didn’t they fix their vulnerabilities?”
One Redditor crypto_advisor has a tongue in cheek reply for Verge:
“Maybe they should take a note from Pornhub and learn to plug up the holes on their blockchain.”
“Third time. Each time the hack has been a similar exploit and each time it’s supposedly been patched. They took a lot if flack last time for copy-pasting some code from another project in the hope of it being a fix.”
At the time of writing, Verge price has been at $0.03 with a 24 hour gain of 2.16 percentage. It is yet to be seen if the third 51% attack will result in a severe price drop.
What do you think of these repeated 51% attack on Verge coin? Do you think the third time will bring XVG price to a severe low? Share your thoughts with us!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.