Verge [XVG] – A wounded cryptocurrency in the market

The cryptocurrency world has faced numerous attacks on its technology since its inception. There are mega cryptocurrencies such as Ethereum [ETH] and Bitcoin [BTC] who maintain their security system with affirmative knowledge. Unlike Verge [XVG], which is a relatively small coin on the cryptocurrency market, has suffered attacks of their network’s undermining crypto fundamentals.

Initially, it was reported that it was a DDOS attack which slowed the process of their blocks. There was a FUD in the Verge community and cryptocurrency market. However, later it was revealed that it was not a mere hack on their blockchain but the attack exploited 35 million Verge [XVG] coins. It was accommodated by a multi-algorithm mining approach.

The cryptocurrency took the strike twice in the past month. The second hack took 51% of the Verge technology, absconding $1.75 million. The community posted on Twitter that the Verge was attacked and it lasted for 6 hours. Assuring that there is a patch on its way, the community reported that such attacks only make the technology network stronger.

Verge’s Tweet

subsidieland, a Twitter user commented:

“Should have solved IT after first attack.”

cryptomademedoit replied:

“Aren’t different types of hacks a thing…? If the government can get hacked, so can Verge. Have some faith, and patience.”

Nita commented:

“Thx 4 the update??. DigiByte mentioned that they offer tech that can provide higher security for XVG. Suggest looking into this as it is no shame in seeking help. XVG is finally being taken seriously so need to minimize these issues. I’m an XVG hodler.”

Recently, NakamotoXa announced that they have decided to delist Verge. It’s a cryptocurrency trading exchange based in the Czech Republic. They reported on their website that they do not want to support cryptocurrencies that are suspicious and want to promote cryptocurrencies that have a future.

They claim to understand a mistake when it occurs but Verge has been continuously having unreliable security system issues. The crypto-exchange platform informed their investors to withdraw their Verge tokens by 27th May, 2018. It will be delisted on 28th May 2018.

They stated:

Due to the latest suspicious events around the Verge, we decided to delist this #cryptocurrency from NakamotoX.
We appeal to our users to withdraw Verge from our NakamotoX trading platform until May 27, 2018.”

starcitizenprime, a user on Reddit raised a question:

“Ìs this a try of the VERGE Attack on ZEC ?
Did anyone heared about the Attack on Verge (yes again)? What they did, they manipulated the Clockset of the last Block so that the algorithm get confused and lower the Difficulty. I dont thing this is posible with ZEC, BUT there is some strange Hashrate swings the last days. Is this maybe also a atempt to manipulate ZECs adjust mechanism ? Any one has some more advanced view on this ? Cause a jump from 550 Khs to 350 in a few hours seems realy strange to me.”

minezcash replied:

“Zcash does not have the multi-mining algorithm that the attackers were able to exploit (twice!) on Verge. Zcash uses a tweaked version of Digishield which retargets every block and is not susceptible to that kind of attack.”

24-Hour graph value | Source: CoinMarketCap

Verge [XVG] has been trading at a price of $0.043 with a market capital value of over $655 million. The cryptocurrency holds the 32nd position on the market. It has decreased by 15.68% in the past week and increased by 2.11% in 24-hours, at the time of writing. The cryptocurrency dropped its price to $0.038 on 24th May and increased to $0.044 on 25th May, according to CoinMarketCap.


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