22 May 2018 · 1 min read

Verge Lost USD 1.7 Million to Hackers Exploiting Same Faults

Cryptocurrency Verge has once again fallen prey to hackers exploiting the very same fault that they used the previous time they made off with their funds, well over a month ago. In April, they lost 250,000 XVG to the same 51% attack. Now, 35 million XVG was snapped under their noses.

Source: iStock/TommL

Bitcointalk.org forum user ocminer, who also pointed out the last attack, now discovered that the same glitch as previously had been used.

The attacker was able to mine multiple blocks one second apart, all performed using the scrypt algorithm - something that should have been impossible. As reported by Cryptonews.com, Verge was forced to hard fork, but the fault was unfortunately not removed.

The company’s Twitter account has downplayed the event, saying that, “it appears some mining pools are under ddos attack, and we are experiencing a delay in our blocks, we are working to resolve this.” They have not clarified or amended their statements in the meantime.

XVG price chart

Source: coinmarketcap.com

Verge fans remain as undeterred as ever. Some are taking to Twitter to say that this attack means “you're probably doing something right.” However, everyone else is outraged that such a blatant disregard to security could happen with a privacy-oriented cryptocurrency. Some have taken to humor, referencing Verge’s recently announced partnership with a porn site Pornhub. “Someone is securing his lifetime Pornhub membership,” one Reddit user wrote in reply to the thread detailing the exploit.