Verge Crashes After Suffering Mining Attack

The attack was possible due to several bugs in the XVG code, which were exploited by mining blocks with a fake timestamp
05 April 2018   227

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 statementVerge 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.

South Korea to Toughen Mining Chip Import Rules

Mining chips will have to meet legal requirement for importation, such as safety and sanitation certifications
19 April 2018   118

In South Korea, foreign-made crypto mining chips import rules can be complicated in the near future.

As reported by CoinDesk with reference to the statement of the Korean Customs Service (KCS) the government agency added mining chips to the list of goods that must meet certain criteria established by the current legislation for importation into the country, including certificates of security.

New requirements were introduced after the customs service discovered an increase in the number of mining chips imported into the country. So, in November and December last year, according to KCS, 454 mining chips were imported to the country for a total of 1.3 billion won ($ 1.2 million).

Since the mining devices consume a significant amount of electricity and produce a lot of heat, their operation is associated with an increased risk of fires.

To neutralize these risks, the service will monitor the safety of imported devices in accordance with the requirements established by the National Radio Agency.