News out this weeks shows the Verge network has fallen as a victim to yet another 51% attack. The attack is the second of such in the same number of months, proving that Verge really is vulnerable to hackers, ironic, considering Verge is supposed to be the ultra-secure privacy coin.
What this means is that the hard fork initiated by the first 51% attack really didn’t work. Apparently, the Verge team located a bug which led to the 51% being made possible, however the hard fork evidently hasn’t solved this. Or, if it did, it’s exposed a new bug in the process of this.
The concerning thing here is that Verge are yet to make any official announcements. We have seen news from members of the Verge community, namely Kris Chase, who is in charge of marketing and Cees van Dam, however, with nothing official from the Verge communication platforms as yet, we have to question what is really going on here.
We are working hard behind the scenes to resolve the issues, when resolved we will announce it
Just this, an attack on any coin is an attack on the entire cryptoworld. Its time to come together and unite
— Cees van Dam (@xvgmarketingeu) May 23, 2018
Kris Chase has said:
“#VergeFam – We’ve heard your voice. @justinvendetta is currently in #beatmode & working on the patch. Thank you for your patience. We will update accordingly as we know more”.
Does this cut it? Probably not, people want to know what is going on here, people have their money invested in this so therefore, its not fair to tease them by not making any official announcements or statements.
How is Verge looking today?
At the time of writing, the demise of Verge continues. It’s market capitalisation is shamefully low, currently standing in 32nd place, with a market cap of $594.359.550.00. At the time of writing, Verge is valued at $0.039, down 10.47%.
Is this the end of Verge?
Probably not, but it certainly looks as if this one is their last chance. Its been a very difficult few months for Verge, this is amplified how promising things did look for Verge going into April. They have allowed hype and anticipation to get the better of them, in turn, missing key issues that are allowing these huge hacks to take place.
We’ve said it before and we’ll say it again. Verge are really going to need to do something incredible to get themselves out of this one. We wish them the best of luck because it wouldn’t be nice to see them sink. XVG has a lot of potential, hopefully they can recover from this.