As it is stated on the official website of the coin, Verge is a cryptocurrency designed for people and for everyday use, which aims to fulfill its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining your privacy. However, the hackers did not find Verge fast enough and decided to increase the speed of blocks creation by conducting a mining attack.
As it was reported on Bitcointalk forum, April 4 was marked by a >51% attack on XVG which exploited a bug in retargeting in the XVG code. The attack was possible due to several bugs in the XVG code, which were exploited by mining blocks with a spoofed timestamp. The false timestamp was set to the blocks, and XVG "thought" the last block mined was one second ago. Basically, the hacker managed to mine one block per second.
Verge twitter statement
The story did not finish on April 4, as on April 5 the attacker started again and mined about 12k blocks. The attacker started the new attack at around block 2014060 and stopped at block 2026196. According to the information from Bitcoin.com news, Verge claimed that around 250,000 XVG were stolen by the rogue miner, but dissenters have claimed that as many as 3.9 million coins may have been taken.
As of now, the price of Verge feel down 14,57% and continues to decrease. The market capitalization of the coin dropped from $1 billion to $845 million just in 24 hours.