The data protection-oriented blockchain network Verge (XVG) underwent a major block reorganization, replacing transactions from July 2020.
Despite being described as potentially “the most profound shock that has taken place in one of the 100 largest cryptocurrencies”, Analysts have yet to confirm that the incident was a coordinated attack.
Coinmetrics COO Antoine Le Calvez was one of the first to notice the shock, share a Screenshot on Twitter shows that at least 560,000 blocks were gone on February 15th.
It appears that $ XVG (Verge) has undergone a massive reorganization of more than 560,000 blocks. node @coinmetrics is in a new chain whose last common history with the previous chain dates back to July 2020.
– Antoine Le Calvez (@khannib) February 15, 2021
Le Calvez suggested that The reorganization could have been caused by duplicate spending, using multiple XVG tokens at the same time for two separate transactions. Because of the scale of the incident, Calvez admitted What It will take developers some time to examine the data and determine the exact source of the reorganization.
As a result of this setback Any user who has received or purchased XVG tokens since July 2020 may have lost all of their balance;; Deribit Insights researcher “Hasu” tweeted that “thousands of credits just evaporated.” A fringe investor tweeted that your wallet balance is empty after the attack.
Despite the scale of the possible attack Hasu believes it will be “pretty easy to counter”.“The knots reject the attacker’s chain and restore the previous one.” Hasu claimed that The incident highlights the vulnerability of blockchains based on GPU mining.
This is not the first time a concussion has been proposed to defend against potential attackers Hasu was referring to 2019 when Vertcoin succumbed to a 51% attack. That same year after the huge Binance exchange for over $ 40 million was hacked, founder and CEO Changpeng Zhao had the idea of undertaking a Bitcoin restructuring to get the funds back. However, the idea was quickly decided.
A screenshot shared unconfirmed by Twitter user @etn_electroneum XVG consultant AlexanDre stated that the source is linked to some nodes that wanted to create a junction. He added that there was no 51% attack.
In the past six hours, XVG is down nearly 15% to $ 0.0224. This has led to it falling out of the top 100, according to Coingecko. Verge’s browser still does not work.
The blockchain network focused on data protection Verge (XVG) underwent a major block reorganization, replacing transactions from July 2020.