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   1636

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.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   112

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.