Coin of the day is Verge.
The article devoted to the attack on Verge.
Verge is a promising underdog in the world of big privacy coins. The coin had a decent growth recently.
04.04.2018 - the first news about the attack on the coin appear on the bitcointalk forum. The price that time was close to the 0.00001 level.
Post on bitcointalk of the user by the nick ocminer (Miners community representative and tech specialist):
"There's currently a >51% attack going on on XVG which exploits a bug in retargeting in the XVG code.
Usually to successfully mine XVG blocks, every "next" block must be of a different algo.. so for example scrypt,then x17, then lyra etc.
Due to several bugs in the XVG code, you can exploit this feature by mining blocks with a spoofed timestamp. When you submit a mined block (as a malicious miner or pool) you simply
set a false timestamp to this block one hour ago and XVG will then "think" the last block mined on that algo was one hour ago.. Your next block, the subsequent block
will then have the correct time.. And since it's already an hour ago (at least that is what the network thinks) it will allow this block to be added to the main chain as well."
According to his calculations, the attackers mined about twenty millions of XVG.
Verge team reacted but did not manage to calm down all dissatisfied holders. Nonetheless, the team announced that they would make a fork of the coin, so the mined by the attacker's coins will not be considered in a new fork. An announcement of the fork is a clever move, as a lot of holders will not sell away until the fork. Because the fork is a chance to get free coins, equal to the amount of your holdings.
Overall, a successful attack on the coin and reaction of the team sparked conflict among miners community and Verge Team, which will spoil their reputation and eventually will drag the price down.
We do not recommend to make big investments in this coin until the conflict is resolved.
From the technical view, XVGBTC went into a correctional pattern, after failing the attempt to climb higher than 0.00001 resistance level. Since then the coin moves in a lateral pattern, drawing a pennant formation. From the downside 0.000007 level will play a supportive role. From the upside - 0.00001 resistance.
The article devoted to the attack on Verge.
Verge is a promising underdog in the world of big privacy coins. The coin had a decent growth recently.
04.04.2018 - the first news about the attack on the coin appear on the bitcointalk forum. The price that time was close to the 0.00001 level.
Post on bitcointalk of the user by the nick ocminer (Miners community representative and tech specialist):
"There's currently a >51% attack going on on XVG which exploits a bug in retargeting in the XVG code.
Usually to successfully mine XVG blocks, every "next" block must be of a different algo.. so for example scrypt,then x17, then lyra etc.
Due to several bugs in the XVG code, you can exploit this feature by mining blocks with a spoofed timestamp. When you submit a mined block (as a malicious miner or pool) you simply
set a false timestamp to this block one hour ago and XVG will then "think" the last block mined on that algo was one hour ago.. Your next block, the subsequent block
will then have the correct time.. And since it's already an hour ago (at least that is what the network thinks) it will allow this block to be added to the main chain as well."
According to his calculations, the attackers mined about twenty millions of XVG.
Verge team reacted but did not manage to calm down all dissatisfied holders. Nonetheless, the team announced that they would make a fork of the coin, so the mined by the attacker's coins will not be considered in a new fork. An announcement of the fork is a clever move, as a lot of holders will not sell away until the fork. Because the fork is a chance to get free coins, equal to the amount of your holdings.
Overall, a successful attack on the coin and reaction of the team sparked conflict among miners community and Verge Team, which will spoil their reputation and eventually will drag the price down.
We do not recommend to make big investments in this coin until the conflict is resolved.
From the technical view, XVGBTC went into a correctional pattern, after failing the attempt to climb higher than 0.00001 resistance level. Since then the coin moves in a lateral pattern, drawing a pennant formation. From the downside 0.000007 level will play a supportive role. From the upside - 0.00001 resistance.
Probably, the news about hard fork was over tempered...
The team will probably just fix security exploits.
Last official twit about this issue was:
"We had a small hash attack that lasted about 3 hours earlier this morning, it's been cleared up now. We will be implementing even more redundancy checks for things of this nature in the future! $XVG"
One more reason, why such panic did not cause a massive selloff is the anticipation of a “big announcement” on April 16 that has caused verge to double in price in the past weeks.