Verge has a BIG PROBLEM (XVG)

Verge has a BIG PROBLEM (XVG) $xvg$
This recent hack has people asking : should you invest in verge. is verge a good coin & is verge vulnerable ? All this answered in today’s video on verge coin. !

verge hacked again ….

How did verge get hacked?

The privacy-centric cryptocurrency is not entirely free from limitations, as it has suffered some tough luck when it comes to security breaches. From Verge’s twitter account hack to exposing users’ IP addresses due to internal vulnerabilities, Verge has seen it all. The limitations on the blockchain haven’t prevented Verge from engaging in serious business. Speaking of the security breaches and internal vulnerabilities, mention can be made of three notable features of Verge that put it at risk of potential attacks.

To begin with, Verge uses Dark Gravity Wave algorithm, which adjusts the difficulty of mining each XVG block. This is not the same with Bitcoin, as it adjusts its difficulty after mining 2016 blocks.
Verge runs on multiple mining algorithms, which are responsible for splitting the hashrate security among each other, depending on the applications.
One of the major loopholes on the blockchain is allowing users to use incorrect stamping. This is why getting the right timestamp can be quite challenging sometimes, and since the correct time stamp cannot be identified, miners are can use full advantage of it.
To execute the attack, the attacker submitted multiple blocks containing an incorrect timestamp, which made the executives believe that blocks weren’t coming in the right intervals. This prompted the algorithm to lower its difficulty by a huge margin, almost on the order of 99.999999%. As Verge’s hashrate was forked among five different algorithms, the attacker could pull off the 51% attack, redirecting all the coins to his/her account.

https://globalcoinreport.com/verge-xvg-loses-over-1-million-in-a-recent-hack/

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Post Author: CoinCryptoNews