Altcoin News

Crypto Community Trembles Over Repeated Verge (XVG) Hack

Crypto Community Trembles Over Repeated Verge (XVG) Hack 1

The crypto world is full of amazement, with series of events that could be tagged ludicrous before its occurrence. How on earth is it possible for a single coin to experience 3 similar hacks within the space of 3 months, of which, two of it took place within two weeks?

Last week came the news that Verge was hacked through its hashrate, and 51% of the altcoin’s network was under the control of hackers, leaving people with the fear that the cryptocurrency seems not to be up to its task and seizes to learning from mistakes, without knowing that more is still on the way.

Few hours back, the crypto community began to shiver over the unbelievable, as it was announced that Verge is experiencing another attack, and this time around, it is still another 51% hack.

While the news is yet to circulate completely, the Reddit community seems to be aware of the condition of the altcoin and series of complaints, discontentment and dismay have been raised by lovers of the coin and some others who feel the hack is a shame.

A Redditor, cryptoChewy who got astonished by the news said;

“Cmon. This has to be a joke”

Another, CHIEF56 who in his own statement levelled the blame on the developers said;

“It is bad for the developers and for the users of Verge that an attack happen again and again. I think they have to consult with some more expert developers and have to find out some better solution for to fix the issue.”

Earlier today, before the announcement of the attack, an all-time deprecator of Verge, Charlie Lee, in a tweet lashed some altcoins with an analysis that displayed how prone some altcoins are to attack.

He said in a tweet: “crypto51.app shows how easy it is to 51% attack some of the smaller PoW coins. For some coins, 100% of the hashrate can be rented from NiceHash, which removes the capital costs of the attack! For example, Bytecoin (marketcap ~$1B) can be 51% attacked for $557!”

Lovers Complain About Verge’s Lack Of Transparency.

At every attack faced by Verge, users and lovers of the altcoin complain that it is fond of not coming out clear on situation of things.

During the last attack, Verge on its Twitter account claimed that it was just a mere ddos attack, whereas, the cryptocurrency was under a 51% attack that amounted to about 35 million XVG loss.

Days after the attack, Verge came out with a tweet that it has released a patch on Github which will prevent further attacks, and now another one is up.

Many observers have weighed in that if Verge continues like this, it may lose trust and recognition among lovers. However, as usual, the Verge team will find something to do about the hack, and continue partnering with different companies who have the tendency of propelling the altcoin.

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Yusuff O.