Friday, January 27, 2023

The Verge Drama Worsens as Mistakes, Attacks Pile Up

The Verge Drama Worsens as Mistakes, Attacks Pile Up

Privacy coin Verge (XVG) and its community members have been embroiled in chaos after a malicious agent began rapidly mining Verge blocks with spoofed timestamps, accruing a massive amount of XVG in the process. Now, allegations of compounding mistakes by devs and censorship in the Verge social media sphere has everyone wondering what’s next. 

Also Read: Anonymous Sources: Ripple Tried to Buy Itself Onto Coinbase, Gemini

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That’s A Lot of Blocks

Late at night on April 3rd, an attacker began taking advantage of the Verge network by spoofing timestamps, allowing for the mining of blocks with extreme rapidity. In effect, then, free money was being printed.

In the ensuing hours, the Verge developers apparently tried to contain the situation by copying and pasting into Verge another portion of Peercoin’s code.

This measure didn’t successfully stop the spoofing exploit, though it did result in a hard fork of Verge that rendered users’ old wallets defunct. So the devs then reneged on the new chain so that users’ wallets would work again — the tradeoff being that the Verge network was still being exposed to attack.

With that said, as the devs try to plan what to do next, the most popularly suggested way forward for now is another, more meticulously planned hard fork that can more adequately address the network’s newly exposed vulnerabilities. In the meantime, though, crypto exchanges like Binance and Bittrex have suspended XVG deposits in the interim.

Unsurprisingly, too, the XVG price has been sinking over the past 48 hours, from a high of $0.073 USD to $0.055 at press time.

XVG price is starting to sag.

Allegations of Censorship

As the drama surrounding this debacle has intensified, users are reporting that many comments and threads pertaining to the exploit were getting pruned from the r/vergecurrency subreddit.

Such a dynamic is not unusual in the larger cryptocurrency ecosystem. But it certainly falls well short of being a resolute and fair PR response in the face of an apparent crisis.

If XVG ends up surviving the episode, silenced community members likely won’t be quick to forget how they were treated.

What’s your take? Where do you think Verge and its community goes from here? Sound off in the comments below. 

Images CoinLib, The Objective

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