Bad coin of the day is Verge.
Verge went through one more 51% attack!
Yesterday, Supranova mining pool, informed its 19,000 Twitter followers that verge was suffering another 51% attack, causing all blocks to be rejected. Same as the April attack, ocminer, admin of Supranova spotted this one. In a post on the Bitcointalk forum, ocminer wrote: “Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions”.
The entity responsible is believed to have made $1.7 million already from the attack. Verge community assigned the attacker to “an act of hate” designed to FUD their altcoin. The opposing part of community addresses second hack tot he infamous lack of qualification of the Verge programmers team and poor repair of the previous exploit. The original attack involved exploiting one of the five hashing algorithms verge uses (most cryptocurrencies such as bitcoin only use one). This time around the attacker is believed to have used two algorithms after renting power from a service such as Nicehash and then using it to find all the new blocks.
Verge team stays unclear about the situation.
Vergecurrency Twit: "It appears some mining pools are under ddos attack, and we are experiencing delay in our blocks, we are working to resolve this."
Technicals
Price is under 100-days EMA; the bias looks bearish. Yesterday XVGBTC broke below the 0.00006 support, the next supportive level - 0.000005. Breakthrough of the 0.000005 level will decline total April profits.
Verge went through one more 51% attack!
Yesterday, Supranova mining pool, informed its 19,000 Twitter followers that verge was suffering another 51% attack, causing all blocks to be rejected. Same as the April attack, ocminer, admin of Supranova spotted this one. In a post on the Bitcointalk forum, ocminer wrote: “Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions”.
The entity responsible is believed to have made $1.7 million already from the attack. Verge community assigned the attacker to “an act of hate” designed to FUD their altcoin. The opposing part of community addresses second hack tot he infamous lack of qualification of the Verge programmers team and poor repair of the previous exploit. The original attack involved exploiting one of the five hashing algorithms verge uses (most cryptocurrencies such as bitcoin only use one). This time around the attacker is believed to have used two algorithms after renting power from a service such as Nicehash and then using it to find all the new blocks.
Verge team stays unclear about the situation.
Vergecurrency Twit: "It appears some mining pools are under ddos attack, and we are experiencing delay in our blocks, we are working to resolve this."
Technicals
Price is under 100-days EMA; the bias looks bearish. Yesterday XVGBTC broke below the 0.00006 support, the next supportive level - 0.000005. Breakthrough of the 0.000005 level will decline total April profits.
News from the team: they are working on a patch.
Twit by AkashiroNL(XVG Core Tech support / Marketing): Small update about the 51% attack today. Developer is working on a patch. But something more awsome to look forward to is we will have a complete new codebase soon!