The privacy-focused cryptocurrency Verge, is quickly becoming a running joke within the cryptocurrency industry, after repeatedly suffering 51% attacks and having hackers exploit a vulnerability that’s led to millions of dollars in Verge tokens being stolen.
It started back in April, when Verge suffered a small 51% attack that resulted in 250,000 XVG being stolen by hackers. Verge responded by hard-forking their blockchain, however, the 51% attack was repeated just last week when hackers added a second algorithm to exploit the same vulnerability previously used by the attackers.
51% attacks happen when hackers use a malicious code to mine multiple blocks per minute on a blockchain, allowing the attackers to gain majority control over network hashrates and move XVG to their wallets. At the peak of the second attack, the hackers were mining 25 blocks per minute, or roughly 8250 XVG or $950 a minute being stolen by thieves.
Verge downplayed the attack as nothing more than a DDoS attack, but according to reports, over 35 million in XVG tokens, amounting to over $1.7 million dollars, was stolen as a result of the attack.
Today, the prominent BitcoinTalk ocminer user who discovered the last two attacks, is reporting that Verge has yet again suffered a 51% attack. In the BitcoinTalk forum thread titled “Network Attack on XVG / Verge” ocminer says “Yup… attack again.. as already said, simply reducing drift time doesn’t fix it..”
Verge’s blockchain isn’t the only location hackers have targeted. Verge’s twitter account was also compromised this past March in an unrelated attack.
On a more positive note, Verge made news for becoming the first ever cryptocurrency to be accepted by adult entertainment website Pornhub for their premium subscription services. As one Redditor so cheekily said “Maybe they should take a note from Pornhub and learn to plug up the holes on their blockchain.”
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