Cryptocurrency Verge hacked again

Cryptocurrency Verge has been hacked once again, resulting in the theft of approximately 35 million Verge coins (XVG) – equivalent to over $1.7 million (USD) at the time of the attack.

The theft appears to have been made possible by a timing ‘warp’ issue in Verge’s blockchain infrastructure, which allows attackers to carry out a ‘51%’ attack. Last month, an attack took place in which an attacker was able to use the same algorithm to mine multiple blocks one second apart, resulting in the loss of approximately 250,000 XVG. Although Verge hard-forked in response to the attack, the vulnerability was not removed and appears to have been exploited once again in the latest attack, which this time used two algorithms to generate a much greater amount of XVG.

In a separate incident, Verge’s Twitter account was also hacked in March.

For more information on these attacks, you can find The Next Web’s report here.

Researcher, writer, recovering medievalist. Currently particularly interested in the cybersecurity solutions market, cyber insurance/risk modelling, and IoT security.

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