Altcoin Verge Experiences A Hack That Robs It Of Almost $1.4 Million

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When Altcoin Verge got hacked for the first time, it did not raise as much concern as the second time. The previous hack pulls in after two months and reports show that hackers got away with almost $1.4 million in a matter of a few hours.

The loss Verge experienced

It was through a tweet that Verge disclosed that the mining pools were under a DDOS attack. And that they were moving with speed to resolve the matter. The unfortunate incident brings to mind what happened in April where Verge got hacked of 250,000 XVG. It impacted Verge negatively since it ended up losing about 25 percent of its value because investors felt insecure, holding back their investments.

Verge developers worked around the clock to resolve the hack that   took place in April. They initiated the hard fork which performed quite well. In March, Verge’s Twitter account got compromised.

Recent developments

Several news reporters have gotten in touch with  Verge seeking to have make comments in relation to the matter. It declined to make any comments. The first attack was reported by OCMiner. The latest report by OCMiner is about the vulnerability of Verge on Bitcointalk. Quite little was done in resolving the previous attacks, and that has led to the attackers employing two algos to fork the chain for their own use and they are currently making millions.

In the previous month, Verge struck a partnership with Pornhub which happens to be an adult entertainment streaming site. Pornhub has said that it will start accepting coin as a form of payment for all Pornhub purchases and for Pornhub Premium.TrafficJunky has also outlined that from May it will start accepting Verge cryptocurrency as a form of payment. It is an online advertising network said to be serving about 4 billion daily impressions.

Blame is being cast on the core development team of Verge after rumors started spreading tying it to the various actions surrounding the hack. Verge is currently doing all within its means to recover from the 25% dip that resulted from the news. What happens in the long run is something that we will just have to wait and see.