- Verge was hit with a block reorganization after a 51% attack on Monday
- Over 560,000 blocks were impacted, with the blockchain being wiped back to July 2020, but no coins were stolen
- Verge shot to prominence in 2017 when it rose over 271,000% in 13 days
Verge, the cryptocurrency best known for an epic six-figure rally in December 2017, has suffered a huge block reorganization at the hands of “malicious elements”. The block reorg caused some 200 days’ worth of transactions to disappear from the Verge blockchain, making it the biggest block reorg on a top 100 coin in cryptocurrency history. The block reorg was the result of a 51% attack, but seeing as no double spend attacks were carried out, the aim seems to have simply been to mess with Verge.
Malicious elements have tried to take over our blockchain. Working with miners our dev team has released a fix, preventing damage.
In 13 hours, it will be business as usual.
Thank you for your understanding.#xvg #vergecurrency
— VergeCurrency (@vergecurrency) February 15, 2021
Verge Block Reorg Wiped 560,000 Blocks
News of the Verge block reorg emerged on Monday, although the full details were not known until yesterday. The cryptocurrency, whose price has been largely dying a death since its 2017 heyday, suffered a 51% attack which saw the hashrate taken over by “malicious elements” who chose not to carry out a double spend attack and award themselves some free XVG tokens, but instead disrupted the Verge blockchain, backdating the chain to July 2020.
XVG rose to prominence during the bull run of 2017, rocketing 271,328% to $0.19 in a 13-day spell in December 2017. Since then however its price has been sinking lower and lower, despite announcing a partnership with PornHub in 2018. In November 2019 it was also sued for a 117 million-token hack on the CoinPouch web wallet.
“Let it Die”
The blockchain has apparently now been fixed, but not everyone was thrilled with the news that the operation has been plucked from the jaws of death:
Always something with this shitcoin. Just let it die permanently.
How much XVG stolen/exploited this time? Probably an inside job too.
The crypto space has matured enough to allow cancerous shit like #XVG to still be a part of it.
— XRPaladin (@XrPaladin) February 15, 2021
Verge is effectively defunct (yes the community could in theory perform a manual reset). Blockchains do die. Remember verge appreciated 1m% in 2017. Appreciation =\= viability https://t.co/V5WBOXU7M0
— nic unfettered carter (@nic__carter) February 15, 2021
The fact that the attackers didn’t even bother to try and steal any XVG tokens during the Verge block reorg speaks for itself, although with a 51% attack costing a measly $47 per hour they aren’t exactly out of pocket by a huge amount.
Just for the lulz, apparently.