Verge to Implement Hard Fork Due to 51% Attack

Network hash of Verge get under control of unknown miner
05 April 2018   551

Verge coin fell the victim of 51% attack. Unknown miner has gained control over the network hash and can now change transactions, questioning the integrity of the whole blockchain. The attacker stole about 250,000 Verge coins and eventually forced the project team to prepare a hard fork.

There's currently a >51% attack going on on XVG which exploits a bug in retargeting in the XVG code. Due to several bugs in the XVG code, you can exploit this feature by mining blocks with a spoofed timestamp. When you submit a mined block (as a malicious miner or pool) you simply set a false timestamp to this block one hour ago and XVG will then “think” the last block mined on that algo was one hour ago.
 

ocminer at Bitcointalk

The attacker managed to miner a lot of blocks with seconds between them. This was done using the scrypt algorithm (which was considered impossible). The attack was less intense in three hours, but by that time the attacker had confirmed hundreds of blocks, which led to the need to roll back the blockchain to compensate for the damage.

Developers published on Github a hotfix for a snapshot of the project to temporarily fix the problem, which he managed to do only with the second attempt. In order to remedy the situation once and for all, the hardfork will be initiated.

XVG Price Chart
XVG Price Chart

During the last 24 hours, the price of XVG decreased by 8%. At the moment of press, these are main market parameters:

  • Market Cap: $839 768 864
  • Average Price: $0,056649
  • 24h Volume: $185 826 000

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.