Verge got hit by a sever 51% attack; while Dev team brushed it aside as minor

MisO69

legendary

Activity: 1946

Merit: 1005

My mule don't like people laughing

Quote from: Dalazar on April 05, 2018, 10:11:19 AM

Probably an attack with 51% of the possibilities is the only vulnerability of blockchain technology, and if this was all in theory before, now unfortunately we already see the actualization of such attacks

You need 51% of the hash to perform these attacks. So coins with a small amount of mining power are susceptible.

To attack verge this must have been a big miner.

tycsols

member

Activity: 812

Merit: 10

BountyMarketCap

Few days ago one friend posted the fb status that she will sell all her alts and buy only and only xvg, i replied against her status and said putting all money in one coin is not a good strategy and i think she must have learnt the lesson now, diversification is always good especially in a highly volatile market like crypto.

5ensei

full member

Activity: 728

Merit: 103

Verge is an over rated pump and dump coin. Mcafee already done his job of making millions off people who quickly pumped the coin for him. Now it has been both dumped and attacked! Better off picking other tor coins with lower a market cap to see real returns

JuniAiko

member

Activity: 126

Merit: 10

DOGE:DDvXm3ZkXSFeZF9YVaTWGNyBZzfwVf8nnh

Quote from: Dalazar on April 05, 2018, 10:11:19 AM

Probably an attack with 51% of the possibilities is the only vulnerability of blockchain technology, and if this was all in theory before, now unfortunately we already see the actualization of such attacks

There is one key thing that every crypto-projects need to ensure, which is the security of the blockchain and to avoid this from even happening.
Any crypto projects that have failed on this very fundamental requirement should never be trusted anymore.

Dalazar

member

Activity: 252

Merit: 12

Probably an attack with 51% of the possibilities is the only vulnerability of blockchain technology, and if this was all in theory before, now unfortunately we already see the actualization of such attacks

JuniAiko

member

Activity: 126

Merit: 10

DOGE:DDvXm3ZkXSFeZF9YVaTWGNyBZzfwVf8nnh

Quote

Verge, a ”privacy coin” famed for the zealotry of its community, has fallen prey to a 51% attack. A malevolent miner gained majority control of the network hashrate, a feat that makes it possible for the controlling entity to modify transactions, calling the integrity of the entire blockchain into question. Around 250,000 verge were stolen by the attacker, forcing the project team to prepare a hard fork.

Read more here: https://news.bitcoin.com/verge-is-forced-to-fork-after-suffering-a-51-attack/

Also any news of the promised announcement of the "biggest partnership in crypto history yet"? Or was it all a scam as many have suspected?

Topic: Verge got hit by a sever 51% attack; while Dev team brushed it aside as minor (Read 141 times)