Verge has suffered what executives are claiming is a DDoS attack. The platform is experiencing a serious delay in its blockchain, which has led to security concerns amongst users and worries about the currency’s stability.
Verge first mentioned the attack in a Twitter post, explaining:
“It appears some mining pools are under DDoS attack, and we are experiencing a delay in our blocks. We are working to resolve this.”
The problem may be more serious than the company is implying. The attack lasted more than a few hours and has resulted in over 35 million XVGs (worth approximately $1.7 million) being stolen.
The theft occurred when hackers exploited a specific glitch in Verge’s technology by mining multiple blocks virtually one second apart using the same algorithm. This was the same tactic used in a hack just last month that saw over 250,000 XVGs disappear into thin air.
Reddit user was the first to notice both attacks. The user commented that Verge’s system had not been properly repaired since April, and that “since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algorithms to fork the chain for their own use and are gaining millions.”
It is unclear if the hack is still underway or if the threat has been neutralized. Citing frustration over Verge’s apparent lack of security.
As a privacy-oriented cryptocurrency, Verge has experienced many security issues over the last few months. The company’s Twitter account was previously hacked in March, while additional reports have emerged that suggest Verge has been inadvertently exposing users’ IP addresses. These reports have not yet been confirmed.
The coin has fallen for more than 8 percent over the last 24 hours. Investors are looking at the hack as an opportunity to make a little money and add to their portfolios.