April 5, 20183min1024

51% attack on Verge, still ongoing | Breaking News

According to sources, the 51% attack on Verge was launched yesterday, 04.04.2018  at 06:00 UTV time. The first block to be successfully exploited was 2007365. It has been assessed that almost 20M Verge coins got stolen with the exploit. At the time of this writing its worth around 1,150,000$.



What is the 51% attack?

Is when an organization through exploits in the code, or with its hashing power is able to control the majority of the Network mining power (hashrate). The 51% comes from controlling 51% of the infrastructure, with that you can hijack the network. The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments to some or all users. 

More on the 51% attack you can read it here.


Verge’s attempt to resolve

All this began on bitcointalk.org forum where OCminer brought the exploit to attention.  Being part of the Verge mining pools, he was directly impacted by the 51% attack. Verge’s response wasn’t very appreciative. Didn’t seem to grasp the depth of the situation. Later they rushed out a fix, which happened to be a Hard fork. This resulted in Verge wallets not being able to Sync and the current chain was not usable anymore.  The first hard fork attempt failed and additional 19.500.000 Verge coins were generated with the exploit. 



Many of the Verge ”hodlers” got scared for their tokens and began to search for answers on different forums and official social media. However, many of the posts asking questions got deleted. Which lead to many members of the community scream censorship. Team member said: ” It’s already been addressed [problem]  in both places. We don’t need it spammed everywhere, thanks.”



More on the topic on: bitcointalk.org

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