Verge’s Bumpy Ride: The Latest Hack
In a dramatic turn of events that feels like a bad plot twist in a cryptocurrency soap opera, Verge (XVG) has suffered yet another hack, resulting in a staggering loss of 35 million XVG within just a few hours. As reported by The Next Web on May 22, this incident has stolen the spotlight and a hefty sum of around $1.4 million from investors.
Under Siege: DDoS Attacks and Mining Pools
Before the chaos unfolded, Verge’s Twitter account reported that their mining pools were experiencing a DDoS attack on May 21. The message, which sounded more like a distress signal than a business update, read: “it appears some mining pools are under ddos attack, and we are experiencing a delay in our blocks, we are working to resolve this.” It seems the attack was a precursor to the hack, making it almost feel like a scene straight out of a cybersecurity thriller.
Panic Selling and Market Impact
Due to the hack, XVG’s value plummeted slightly over 14% in a 24-hour span, dropping to about $0.041. This is a familiar story for Verge, which also lost 250,000 XVG earlier in April – another day, another hack, it seems. After that incident, the currency dipped 25%, leaving investors frantically checking their portfolios with wide eyes and sinking hearts.
Another Day, Another Vulnerability
OCMiner, a notable figure from the Suprnova mining pool, commented on the lacking security measures since the previous hacks, highlighting the troubling trend: “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.” It’s safe to say that if this trend continues, Verge might need a superhero—or at least a solid cybersecurity firm—on speed dial.
From Crypto Drama to Adult Entertainment
Amidst the turmoil, Verge made headlines last month for a tepid attempt at diversification: they partnered with adult entertainment streaming giant, Pornhub. Users can now pay for Pornhub Premium and other purchases with XVG. It’s an interesting pivot, but one can’t help but wonder if investors are just too distracted by hacks to enjoy the perks. Is this is a revolutionary step for crypto or just another edgy attempt at market relevance?
In Summary
As Verge grapples with its latest hack, the cryptocurrency world watches closely. With a history of vulnerabilities and this latest blow, Verge’s future remains uncertain. The community awaits comments from Verge’s developers, who have yet to address the latest fiasco. For now, investors are likely feeling like they’re in a rollercoaster that just keeps circling back to the starting point.
