The Verge cryptocurrency, which provides one of the strongest levels of privacy, recently took measures to eliminate a bug that allows malicious miners to exploit a flaw in the mining algorithm to obtain seven-figure sums
The hacker attack was first discovered by user ocminer from the BitcoinTalk forum, who posted a post claiming that the hacker exploited a bug in the Verge code. This error allowed miners to put false timestamps on blocks, which in turn helped them trick the system and add these blocks to the main chain.
According to user ocminer, the hacker attack lasted more than 13 hours on Wednesday and then resumed on Thursday. Although Verge developers claim that the attack lasted no more than three hours. The attacker managed to extract more than 20 million XVG worth over $1.1 million dollars.
The response from the main Verge developer, working under the pseudonym Dogedarkdev, raised many eyebrows as he made a number of statements in an apparent attempt to downplay the significance of the situation.
“We're kind of glad it happened and glad it's not as bad as it could have been,” Dogedarkdev wrote on BitcoinTalk.
“I'm thrilled to see how many people are talking about Verge. Many of them aren't even part of the system yet,” he said on another site, adding that the amount of stolen funds is completely insignificant compared to the amount of Ethereum stolen this year.”
Developers reported that they released a “quick bug fix,” when in fact it was a hard fork. Even so, ocminer states that the fork will not solve the problem of the token.
“The fact is that the “solution” provided by the developers is simply not able to fix the situation. It will only reduce the time frame in which blocks are mined. An attack like this will still be effective, it will just happen a little slower,” wrote ocminer.
At this time, the price of Verge dropped by almost 25% in the last two days. XVG is now the 22nd largest cryptocurrency with a market capitalization of $810 million.
According to ccn.com
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