Verge has been once again hacked, and the Hacker came up with Verge-Tokens to the value of almost 2 million dollars. Hack attacks and security issues are in the digital world, nothing Unusual in that, if a project is, however, hacked three times in only 3 months, then this would appear to be quite questionable.
After the attack, Supernova wrote on her Twitter Account:
$XVG @vergecurrency is once again under attack, someone is 51%’ing the chain and invalidating all legit blocks. All pools and miners suffer from this, the attacker is getting all blocks currently.
— supr nova *no giveaways* (@suprnova pools) May 22, 2018
In the case of three serious attacks in three months, so some of the question is: Is this Insider activities, or tries to, the Verge Team is simply not your Blockchain secure? Even worse is the fact that it is in the case of all three attacks, the same attacks type: A 51% attack.
What a 51% attack is?
A 51% attack is used to take control of a Blockchain. The whole goes like this: A Hacker, who controls more than 51% of the Hashpower of the Blockchain, mine a Block with a forged time stamp (The time stamp should be that the Block was earlier than in real-time dug out of the ground). This new Block allows to divert the hackers, the Blockchain, to create a “Fork”. The new Blockchain is completely under the control of the Hacker, which means that the authorization process of newly mined blocks is the Power of the Hacker.
If this process is successfully completed, then all mined blocks will come to the Hacker. This attack was always theoretically possible for any Blockchain project, other crypto-currencies like Bitcoin and Ethereum have suffered, but never below it.
This attack is not just something that confidence in Verge and crypto-currencies as a whole.
Verge recently published a series of interesting partnerships that will transform your coin into a real value system, with the new attack, however, the Team looks behind the project is just sloppy and irresponsible.
You have to wonder, what is it you think your new Partner about it, or whether you need to view the Problem as hard enough to look after other projects.
Even worse is the fact that Verge is a 100% Open-Source project, what should mean that everything is transparent and open, in this Situation, however, the Team was silent, and was not intended to ensure, in General, the Standards of a project to meet the security, privacy and the value of each coin-holder and user.
Apart from the fact that there is a known issue with Verges Blockchain has not been fixed at all, has increased the suspicion that it is an inside Job. This is not just empty talk or a conspiracy theory, crypto medic ation a long, detailed piece that explains all the evidence and explains why such an Interpretation is indeed justified.
He points out that the Hacker from the 4. April 18.6 million Verge token steel has, and that only a few weeks later, this almost exact amount of Verge token has been sent to one of the Verges Wallets on Binance. This evidence is not enough to make a judgment, the coincidence is, however, in the best case funny. Verge argued that the token for “Ledger wallet” were not needed, what is not true.
After the Hack in April, the Team claimed to have fixed the Problem – only so that the attack is repeated a few days later.
The Problem is quite fixable, the Team behind the crypto-currency seems to be sitting, but rather on the solution than to implement.
The article of crypto medic ation goes even further. He points out that the marketing strategy of the Verge, adding new partnerships to support the performance of the currency, the limit has come, which is why the value of XVG in the last week has fallen sharply.
The question is now obvious. With another Hack, and the price is the loss of crypto-currency, when should you sell? An interesting fact is, that the Hack has not caused a reduction of the price for himself, it was just the way the market went in the last time.
We sincerely hope that the Verge Team will soon learn from the mistakes that you have committed so far, and has begun to do the work which they should do actually. Otherwise, you will suffer your partners, investors, and owner – draw a line under it.