Vertcoin to Undergo Unsuccessful 51% Attack

Lead mantainer of Vertcoin believes attack's price was around 0.5 - 1 BTC with 0.44 BTC as final "reward"
02 December 2019   172

On Sunday, December 1, the Vertcoin cryptocurrency was attacked by 51%, but it turned out to be not entirely successful for its organizers - the costs of its implementation were clearly not paid off.

The unsuccessful attempt to carry out an attack on the network was reported by Vertcoin lead developer James Lovejoy.

According to him, on November 30, on the Nicehash computing power marketplace, a significant increase in the cost of renting resources for the Vertcoin Lyra2REv3 algorithm used was noted. And on December 1, an unknown attacker removed 603 blocks from the main Vertcoin network, replacing them with their own 553 blocks.

However, not everything on the attack organizer went smoothly.

Based on the market prices during the attack's preparation and the difficulty of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to perform the attack. The total value of the block rewards the attack received is 13825 VTC (~0.44 BTC). 

James Lovejoy

Lead maintainer, Vertcoin

As the developer added, the motives for such an attack remain incomprehensible to him.

He also noted that after he contacted Bittrex, where the main trading of VTC coins is conducted, the exchange turned off its wallets.

Given the reorg was just deeper than 600 blocks (Bittrex's confirmation requirement for VTC), it is possible that Bittrex was the original target, but the double-spend portion attack was aborted due to Bittrex disabling their wallet before the fork could be released. It is also possible that no double-spend was ever intended, and the attack was a proof of concept or sabotage attack.

James Lovejoy

Lead maintainer, Vertcoin

He also did not rule out that the attacker did not initially set the goal of double spending, carrying out an attack to check the stability of the network or sabotage.

Vertcoin Twitter Hacked

Scammers posted fake "giveaway" message on the official Vertcoin account
02 May 2018   640

The Vertcoin project Twitter account was hacked by unknown. Shortly thereafter, a tweet about the alleged distribution of 10 bitcoins was published, to which users are invited to send 0.005 BTC to the specified third-party address.

Vertcoin Hacked Twitter
Vertcoin Hacked Twitter

Tweet immediately aroused suspicion from the community. In addition to the fact that the developers themselves did not mention the specified distribution, the message itself was very similar to one of the numerous scams that can be found on Twitter.

Subsequently, one of the leading developers of Vertcoin James Lovejoy confirmed the concerns of the community.

James Lovejoy Tweet
James Lovejoy Tweet

At the time of publication Twitter account of Vertcoin, apparently, it is still under the control of the attackers: a scam tweet has not yet been removed, but the scammers have not yet published the new posts.

It is worth noting that during this time to a specified address in the tweet was transferred to a little less than 0,007 BTC, and only one transaction was 0,005 BTC. Thus, users were not so trusting.