How to Make Million on Verge Vulnerability
April 8, 2018
Verge (XVG) cryptocurrency focused on privacy matters has made a hard-fork to handle the flaw that allowed for attacker to use intellectual analysis algorithm and get a seven-digit bonus.
The attack was first detected by user nicknamed ocminer from BitcoinTalk forum. He posted a thread which said the hacker used Verge code error that enabled setting false time marks for blocks and add them to the main chain.
According to ocminer, the attack took over 20 hours to last. The hacker mined more than 20 mln XVG which equals to over $1.1 mln by the current rate.
Response given by the leading cryptocurrency developer Dogedarkdev has given rise to misunderstanding among the users as he voiced some statements to diminish the importance of the situation.
“We’re kinda glad this happened and that it wasn’t as bad as it could have been… i love seeing so many people who aren’t even involved in verge talking about it though ;]”, the developer added sarcastically and noted, amount of funds stolen was insignificant compared to that of Ethereum hijacked this year.
Developers has released something they call “quick fix” for the problem though update is in fact a hard-fork. Still ocminer asserts, it is unlikely to handle the problem either:
“The background is that the ‘fix’ promoted by the devs simply won’t fix the problem. It will just make the timeframe smaller in which the blocks can be mined / spoofed and the attack will still work, just be a bit slower”.
At the same time the Verge price has sunk by approximately 25% over the last two days. XVG is now ranked 22 in the cryptocurrency rating list with turnover of $810 mln.