Verge to Implement Hard Fork Due to 51% Attack

Network hash of Verge get under control of unknown miner
05 April 2018   664

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

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   304

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.