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   1317

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.

SBI Holdings to Start Mining Chips Manufacturing

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States
22 March 2019   109

The Japanese financial conglomerate SBI Holdings announced the creation of a new enterprise that will focus on the production of chips and cryptocurrency mining systems.

The message on the company's website says that SBI Mining Chip Co. (SBIMC) is part of SBI Holdings digital asset strategy.

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States, and a former head of Chip Estimate and WearSens Adam Trademan, will head it. Currently, Trademan heads the BRD mobile cryptocurrency wallet development company, in which SBI Holdings invested $ 15 million in January of this year.

Recall that its plans to launch a broad offensive against the cryptocurrency industry were announced by SBI Holdings in October 2017. Since then, the corporation has made numerous investments in various projects, and also intends to promote the mass adoption and practical use of the RR Xle XRP token.