Verge to Implement Hard Fork Due to 51% Attack

Network hash of Verge get under control of unknown miner
05 April 2018   612

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

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.