Verge Victim to Yet Another 51% Attack, XVG Down 15% In Past 24 Hours

The privacy and security-focused coin Verge has been subject to yet another 51% attack, seeing a price of XVG drop 15% over the past 24 hours.

Last month, a Bitcointalk forum user 'ocminer' announced Verge was experiencing a similar 51% attack due to a bug in its code which enabled attackers to spoof timestamps enabling the hacker to repeatedly use the same mining algorithm to mint blocks.

By leveraging a series of exploits within the XVG code, the attacker was able to mine multiple blocks at one-second intervals using only the Scrypt hashing algorithm for three hours.

The most recent attack was announced yet again by 'ocminer,' by leveraging a similar attack vector as the previous the malicious party was able to repeat the timewarp attack across two of the coins mining algorithms.

"Since nothing really was done about the previous attacks, the attackers now simply use two algos to fork the chain for their own use and are gaining millions."

While it is unclear whether or not the perpetrators of the attack are the same as the last, what is clear is that currently 35 million XVG coins have been minted on the Scrypt and lyra2re algorithms ahead of schedule, causing mining difficulty to plummet and the currencies price to decline steeply.

The Verge official Twitter account has attributed the most recent hack to a "DDOS" attack on official mining pools.

We had a small hash attack that lasted about 3 hours earlier this morning, it's been cleared up now.

Someone has 51% attacked and taken over the Verge network again.

While the first attack was quickly overshadowed by Verge's announcement of their partnership with Pornhub, the worlds largest adult streaming platform, the most recent debacle has left many questioning the credentials of teams lead developers.