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Verge (XVG) Loses Over $1 Million in a Recent Hack

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Verge
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In the fast-paced world of digital currency, factors like tight security protocols and anonymity play a vital role in investors’ decisions. Initially introduced as DogeCoinDark, Verge has come a long way from its fledgling stage. Operational from 2014, Verge was rebranded in 2016 and its value soared exponentially in the subsequent months.

Verge, which has been accepted in the mainstream crypto space for its tight security features, boasts a transparent ledger that allows users to keep a track of their transactions while it protects users’ real identities. As a privacy-centric currency, Verge has created a lot of excitement, drawing thousands of investors to its platform. Recently, Verge made headlines for its partnership with porn.hub, which now accepts verge as a payment option.  If you are updated with the developments on this blockchain, you are likely to be aware of the hack which took place in April. As per the latest updates, Verge (XVG) has succumbed to a similar attack for the second time in less than two months.

Going by the report published on BitcoinTalk, the attacker has forked the blockchain through a striking 51% DDoS attack. It seems that the attacker exploited a bug in the XVG code by setting a false timestamp on blocks and mining new blocks in the meantime. The following segments explain the details of the hack that has alarmed many users across the community.

Verge Has Been Attacked for the Second Time in Two Months

The past two months have been awful for Verge which has suffered some major attacks from hackers. In a tweet explaining the nature of the hack, the Verge coin team reported, “it appears some mining pools are under DDoS attack, and we are experiencing a delay in our blocks, we are working to resolve this.” With big names, including PornHub, latching themselves to Verge blockchain, Verge offers the highest level security to its users. Considering Verge’s claim as a privacy coin, the attacks sound rather ironic.

At first glance, the attack can be seen as an attempt to disrupt the transactions by overloading the network. It goes without saying that the DDoS attack was used to stop other people from accessing resources within the blockchain.  In what can be considered a massive hacking incident lasting a couple of hours, XVG has lost more than $1.7 million. Tracing the recent developments of Verge, a similar attack was reported last month, wherein over 25,000 XVGs were stolen.

Ocimer, or the Bitcoin.org user who had notified about the attack, revealed that the attack was a result of the same glitch that has been exploited by the attackers last time.

The Vulnerabilities on Verge Blockchain

The privacy-centric cryptocurrency is not entirely free from limitations, as it has suffered some tough luck when it comes to security breaches. From Verge’s twitter account hack to exposing users’ IP addresses due to internal vulnerabilities, Verge has seen it all. The limitations on the blockchain haven’t prevented Verge from engaging in serious business. Speaking of the security breaches and internal vulnerabilities, mention can be made of three notable features of Verge that put it at risk of potential attacks.

  • To begin with, Verge uses Dark Gravity Wave algorithm, which adjusts the difficulty of mining each XVG block. This is not the same with Bitcoin, as it adjusts its difficulty after mining 2016 blocks.
  • Verge runs on multiple mining algorithms, which are responsible for splitting the hashrate security among each other, depending on the applications.
  • One of the major loopholes on the blockchain is allowing users to use incorrect stamping. This is why getting the right timestamp can be quite challenging sometimes, and since the correct time stamp cannot be identified, miners are can use full advantage of it.

To execute the attack, the attacker submitted multiple blocks containing an incorrect timestamp, which made the executives believe that blocks weren’t coming in the right intervals. This prompted the algorithm to lower its difficulty by a huge margin, almost on the order of 99.999999%. As Verge’s hashrate was forked among five different algorithms, the attacker could pull off the 51% attack, redirecting all the coins to his/her account.

In Summary

At first blush, there are not too many differences between the two attacks. The most prominent difference, however, is attacking the two algorithms at the same time, which was not the case during the first attack. The attacker has used Scrypt and Lyra2re to accomplish the hack this time, causing Verge to lose over one million worth of XVGs.  While the users reported of disturbances within the network, it couldn’t be determined whether the explorer made an attempt to block the attack or the code of the explorer was facing problems keeping up with the mining pace. As of now, above $1.7 million worth of XVG has been mined by the hacker.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Healthereum All Set to Tackle Problems of the Medical Sector

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Healthereum
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There has been a growing realization across medical circles that patient engagement is crucial in health management and for the general well-being of people. With that said, there isn’t much clarity about what patient engagement might entail. Several healthcare providers have tried to apply their own ideas of enhancing patient engagement, often overworking their limited staff and exhausting their financial resources in the process. They either end up giving up on the idea altogether or only carry it forward haphazardly.

The contemporary healthcare landscape is marked by no-shows, the lack of patient engagement or unsustainable attempts at it, poor survey response rates, and fraudulent insurance claims and billing errors. In such a setting, Healthereum brings a blockchain-based solution to tackle healthcare’s biggest challenges. Healthereum is a platform that will bind provider-patient and hospital-patient interaction into smart contracts, improve accountability, promote healthy behavior, offer two-way communication, and verify services—all in one.

Gamification of Appointments

Healthereum makes ingenious use of Ethereum blockchain technology that enables healthcare providers to give out HEALTH tokens through HELIO Syndicate to patients who show up to their appointments and/or complete the gamified tasks on the platform. These tokens can then be used for health benefits from their healthcare providers, hence enabling the full cycle of healthcare blockchain experience.

This experience helps to incentivize responsible behavior from the patient’s end which can save the healthcare industry billions…

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Facebook Is Getting Closer to Launching Its Own Cryptocurrency, but Why

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Facebook cryptocurrency
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The rumors of Facebook own cryptocurrency are nothing new in the vast world of cryptocurrencies. They have been around for over a year now, with some insider reports confirming them for months, now. However, recently, another wave of confirmation has emerged, and these ones are referring to the coin as GlobalCoin.

There was already a number of events that seem to confirm the coin’s existence even further, such as the Facebook CEO, Mark Zuckerberg, meeting with the US Treasury and contacting the Bank of England in order to seek regulatory guidance and confirmation. Something is definitely coming, but one question that many are still asking is: Why? Why is Facebook developing its own cryptocurrency?

Facebook’s GlobalCoin

According to reports from those who seem to be familiar with the matter, GlobalCoin is expected to arrive in Q1 2020. In other words, the social media giant is ready to enter the final phase of designing the coin and start conducting various tests.

Considering Facebook’s size and user base, the coin will truly be a global one, and while this is nothing special when it comes to cryptos — they are borderless, after all — this will be the first coin with such a massive exposure. It will also be pegged to a number of different fiat currencies, such as the EUR and USD, and likely half a dozen others.

With…

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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DEXes
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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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