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A cryptocurrency on the Verge of a meltdown – XVG suffers another hack

Verge, a privacy-focused cryptocurrency, has been targeted once again by a malicious hacker who has taken off with $1.7 million USD in funds. The company is downplaying the incident and users are irate about it.

Verge has fallen victim to yet another mining attack.

The alt-token faced a major attack last month which compromised the network’s blockchain so severely that lead developer Justin Vendetta effectively introduced a hard fork to resolve the issue. Once again, Verge has been under siege from a hacker who has been emptying out blocks on the network’s blockchain and has been gaining throughout the chaos.

The hacker was having a field day and was pilfering up to $1,000 USD per minute – a whopping amount of money for a startling amount of time. The alleged total funds plundered is believed to be $1,7 million USD.

The parallels between the first hack and the second are not isolated to theft. The company’s reaction to the incident is alarmingly similar. While Verge is on the edge of anarchy, the company is playing it off as a little-to-nothing affair.

Verge users are unsurprisingly rather unhappy about the incident and have taken to social media to voice their opinions. One Reddit user posted about the incident:

Here we go, Verge devs didn’t listen, the chain is getting exploited again with a slightly modified attack vector (2 algorithms overtaken instead of one…)”.

Not only is the distrust evident on the socials, the figures also tell the story in the decline of the value of the cryptocurrency.