Cryptocurrency Verge Network Falls Victim to Same Attack Even After Hard-Fork

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Cryptocurrency

Cryptocurrency Verge Network Falls Victim to Same Attack Even After Hard-Fork

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Cryptocurrency Verge Network Falls Victim to Same Attack Even After Hard-Fork

Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is difficult to counterfeit because of this security feature. A defining feature of it, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Cryptocurrency Verge has suffered what executives are claiming is a DDoS attack. The platform is experiencing a serious delay in its blockchain, which has led to security concerns amongst users and worries about the currency’s stability.

The attack took place on Tuesday, May 22, and lasted only for a few hours. During this interval, the hacker used an exploit to alter normal timestamps of mining operations and allow himself to mine XVG coins to the detriment of other users who had their legitimate mining operations delayed or wasted.

 

Cryptocurrency

 

Hacker bypassed previous patches

Following the April attack, the Verge development team hard-forked the entire cryptocurrency’s source code to patch the flaw exploited by the attacker and reverse his gains.

But according to several users knowledgeable of the Verge source code, the attacker found a way around the hard-fork’s patch and launched a similar attack.

“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,” said a user on the BitcoinTalk forums, the same one who analyzed the April attack.

The Verge dev team didn’t appear to recognize the attack, in the beginning, calling it a DDoS on mining pools.

Nonetheless, once it became clear what was going on, developers started working on a patch once more. It is unclear if the Verge team plans to hard-fork the cryptocurrency’s source code to reverse the effects of the illegal mining like it did in April.

 

Verge

 

 

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