Verge Cryptocurrency Suffers Its Second Hack And Lost $1.7 Million

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The Verge hacked.

The cryptocurrency also suffered a similar attack last month and lost over $1 million.

The Verge hacked.

This is not a good year for the Verge cryptocurrency. The privacy-oriented cryptocurrency has experienced many security issues over the last few months. An attack in April resulted to a theft of 250,000 XVGs and in March, had their Twitter account hacked.

The latest attack lasted a few hours and resulted to a loss of approximately 35 million XVGs. This is worth more than $1.7 million as per the latest Coinmarketcap price.

Verge mentioned the attack in a Twitter post, explaining:

“It appears some mining pools are under DDoS attack, and we are experiencing a delay in our blocks. We are working to resolve this.”

Reddit user ocminer first noticed the attack. He was the same user who pointed out the first attack as well. According to him, hackers have exploited the same glitch that allowed them to steal thousands of XVGs previously. They were able to mine multiple blocks one second apart using the same (scrypt) algorithm.

He previously pointed out that Verge’s system had not been properly repaired since April. Additionally, he noted that “since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two [algorithms] to fork the chain for their own use and are gaining millions.”

 

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