51% attack: reports show that Verge Network has experienced a massive reorganization of 560,000 blocks
According to several reports, the Verge cryptocurrency network suffered a 51% attack that led to a massive reorganization of 560,000 blocks. Analysts believe the attack on the Verge network may be the deepest blockchain reorganization (reorg) in history, with approximately 200 days of Verge transactions eliminated. The blockchain Verge and its native XVG token have already made headlines for being added to the popular adult site Pornhub.
Coin Metrics network data analyst Lucas Nuzzi, tweeted on the problems with the XVG on February 15th. “The last 200 days of XVG’s transaction history are gone,” Nuzzi told his 9,000 Twitter followers. “This is probably the most profound reorganization that has ever occurred in one of the top 100 cryptocurrencies,” he added. The action was captured by a Coin Metrics node according to Antoine Le Calvez, who also wrote about the situation of the Verge network.
“It seems that XVG (Verge) has experienced a huge reorganization of 560k + blocks”, he said. “The Coin Metrics node is in a new chain whose last common ancestor with the previous chain dates back to July 2020,” added Le Calvez with a action screenshot.
Researcher and author Hasu also wrote about the problems of the XVG. “Verge (XVG) is experiencing the most profound reorganization ever done on any PoW blockchain,” said Hasu at the time. “An attacker replaced 200 days of transactions with empty blocks, so thousands of balances just evaporated.”
“What seems scary is actually very easy to counter – the nodes will reject the invader’s chain and restore the previous one. But it is another data point that shows why GPU’s mineable coins are inherently insecure. ”
Bittrex pauses the Verge wallet
In addition, the popular cryptocurrency exchange Bittrex announced that it had paused the XVG wallet. “The XVG wallet at bittrex.com and the Bittrex Mobile App are currently under maintenance,” wrote the exchange on Monday.
Litecoin (LTC) creator Charlie Lee told people on Twitter to “always be careful with currencies that are highly compatible with NiceHash”. “When there is no upfront cost, the incremental cost can be very cheap. And it would be easy to make a 51% attack and reorganize the chain ”, explained Lee.
The Verge cryptocurrency (XVG) is a token based on proof of work enabled for multi-algorithm, according to the “black paper” from the project. The multi-algorithm allows people to explore XVG with a variety of devices. Verge (XVG) is open source and claims to be focused on privacy, taking advantage of Tor and anonymous transactions. However, the XVG was also accused of leaking IP addresses associated with hundreds of XVG transactions. Since the third attack on the Verge network this week, XVG has lost more than 10% in value.