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51% attack, 560k blocks, Antoine Le Calvez, Bittrex, blockchain reorganization, charlie lee, coin metric, cryptocurrency, exchange, Hasu, Lucas Nuzzi, Nicehash, Pornhub, Reorg, transaction, edge, edge (XVG), Wallet, xvg
According to various reports, the cryptocurrency network Verge suffered a 51% attack, resulting in a massive 560,000+ block reorganization. Analysts believe that the edge network attack may be the deepest blockchain reorganization (reorganization) in history, erasing approximately 200 days of edge transactions.
Blockchain Verge and its native token XVG once made headlines and were added to the popular adult website Pornhub. Several analysts and observers on social media said that the Verge network was attacked by 51% this week. Verge suffered a total of 3 51% attacks. Once in April 2018, then an XVG malicious attacker refused many blocks, and a month later there were 51% attacks.
Lucas Nuzzi, Network Data Analyst at Coin Metrics Tweet Regarding the issue of XVG on February 15th, the history of XVG transactions for the past 200 days has disappeared,” Nuzzi told his 9,000 Twitter followers. He added: “This may be the deepest “top 100” cryptocurrency ever Reorganization. According to Antoine Le Calvez, the action was captured by the Coin Metrics node, and he also wrote an article on the Verge network.
“It looks like XVG (Edge) has undergone a massive block reorganization of 560k+,” he Say. Le Calvez added: “The Coin Metrics node is located on a new chain, and the date of its last common ancestor and the previous chain can be traced back to July 2020.” Screenshot Actions.
Researcher and author Hasu also wrote articles about XVG issues. “Verge (XVG) is undergoing the deepest reorganization in any PoW blockchain,” Hasu Say then. “The attacker replaced the 200-day [transactions] Since there are no empty blocks, thousands of balances have evaporated. “
The fact that sounds scary is actually easy to solve-the node will reject the attacker’s chain and restore the previous chain. But this is another data point that explains why GPU mineable coins are inherently unsafe.
In addition, the popular cryptocurrency exchange Bittrex announced that it has suspended XVG wallet. The exchange wrote on Monday: “The XVG wallet and Bittrex Mobile App on bittrex.com are currently under maintenance.”
Charlie Lee, the creator of Litecoin (LTC), told people on Twitter: “Always be wary of highly usable NiceHash coins.” “Incremental costs can be very cheap when there is no upfront cost. Do 51% It’s easy to attack and reorganize the chain,” Lee Explanation.
According to the “black paper” of the project, the cryptocurrency edge (XVG) is a proof-of-work token with multiple algorithms enabled. A variety of algorithms allow people to use the various equipment added in this article to mine XVG. Verge (XVG) is open source and claims to protect privacy by using Tor and stealth transactions. However, XVG was also accused of leaking IP addresses related to hundreds of XVG transactions. Since the third attack on the Verge network this week, the value of XVG has shrunk by more than 10%.
What do you think of the 51% attack on the edge of cryptocurrency? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Twitter, Antoine Le Calvez,
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