[2018-05-23]Altcoin Verge Hacked For Second Time In Two Months, Around $1.4 Mln

[Diced90]

Privacy-focused cryptocurrency Verge (XVG) has been the victim of another hack, in which 35 mln XVG were stolen over a period of a few hours, The Next Web reported yesterday, May 22.

Verge tweeted that their mining pools were under a DDOS attack on May 21, noting that they were working to resolve it.

XVG is currently down by a little over 14 percent over a 24 hour period to press time, trading at around $0.041 according to data from CoinMarketCap, which makes the hack currently equal to around $1.4 mln.

Verge was also hacked of 250,000 XVG in the beginning of April, losing 25 percent of its value as a reaction to the news. Verge developers had “resolved” the April hack by accidentally initiating a hard fork, according to Suprnova mining pool’s OCminer comments on Bitcointalk. Verge’s Twitter account was also compromised in March, with hackers tweeting about a fraudulent giveaway of Verge coins in exchange for coins being sent to them.

Verge has not responded to Cointelegraph’s request for comment on the hacks at press time.

OCMiner, who pointed out the first attack, posted again about Verge’s vulnerability on Bitcointalk on May 22, noting that “since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions:”

In other Verge news, last month the cryptocurrency announced a partnership with adult entertainment streaming site Pornhub, which will now accept the coin as payment for Pornhub Premium and all Pornhub purchases.

https://cointelegraph.com/news/altcoin-verge-hacked-for-second-time-in-two-months-around-14-mln-stolen

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[vit05]

It is already clear that it is a terrible project. The fact that it is so well valued only shows that the market is completely irrational. I hope this token does the same Bitconect path. Which is moving toward zero.

[hatshepsut93]

All these new altcoins claim to be the future and that Bitcoin is outdated, but Bitcoin stopped having critical bug long time ago, while altcoins are plagued with them. Bitcoin is much more suitable for doing business, using it as a currency or store of value because it's so well-tested and polished, so there's very little risk of something like this kind of bug/attack happening with it. And security is the number one priority in money, it doesn't matter if you can process 5 or 10 times more transactions than Bitcoin if your coin has centralized point of failures and tons of potential bugs. If altcoin developers were honest, they would keep their projects in beta and discourage people from using their project on large scale until it's released, like Lightning devs do, but instead altcoin projects have marketing teams that aggressively promote their coin at any cost.

[Jating]

It is already clear that it is a terrible project. The fact that it is so well valued only shows that the market is completely irrational. I hope this token does the same Bitconect path. Which is moving toward zero.

Well it they didn't scale and update their code then consider them dead in the next couple of months. XVG has been enjoying a good run until the hacks started and investors losing their faith on the coin, and when they are about to gain steam the hackers attack again.

Maybe the devs doesn't care of that the hackers are really that good to found another exploit that causes another attack in two months. I don't have investment in XVG, but for those holders, this is another big blow and will cause headaches to the already struggling market and worsening situation.

[Hamphser]

It is already clear that it is a terrible project. The fact that it is so well valued only shows that the market is completely irrational. I hope this token does the same Bitconect path. Which is moving toward zero.

Well it they didn't scale and update their code then consider them dead in the next couple of months. XVG has been enjoying a good run until the hacks started and investors losing their faith on the coin, and when they are about to gain steam the hackers attack again.

Maybe the devs doesn't care of that the hackers are really that good to found another exploit that causes another attack in two months. I don't have investment in XVG, but for those holders, this is another big blow and will cause headaches to the already struggling market and worsening situation.

Not only headaches but possibly would be the cause of suicide specially for those who invested big time with this coin because of the hype.They would really heading into that way on where bitconnect now. This vulnerability shows their team is incompetent and not capable on handling things out. 2nd time hacked do signifies that this project wont really have any future.Dont know whats the reason why people do put up money on this one.

[fisheater]

Verge is a shitcoin where the dev knows nothing. The first hack was handled very badly, the dev does not know what to do and patch the code which causes a fork and incompatibility that you can't sync from scratch. So it's not surprising that they got hacked the 2nd time.