The cryptocurrency industry is still going through 51% attacks. The latest to experience a 51% attack is the privacy-centered digital currency Verge (XVG). The team behind the cryptocurrency has said that the attack has not caused any harm to the funds as they are completely safe and secured. This attempt of the attackers resulted in a failure, the team said.
XVG Transaction History Of 200 Days Got Vanished
Though the team said that all of the funds are safely secured, the attack still caused massive damage to the privacy-focused digital currency. It resulted in a huge blockchain reorganization. The blockchain research firm Coin Metrics’ Chief Data Engineer (CDE) Antoine Le Calvez was the first person who reported this issue via a tweet published on the 15th of Feb.
He said that this attack affected more than 560,000 blocks in a massive blocks reorg.
— Antoine Le Calvez (@khannib) February 15, 2021
The Network Data Product Manager at Coin Metrics and the colleague of Le Calvez, Lucas Nuzzi, reported in another tweet that due to this blockchain reorganization, Verge’s transaction history of around two hundred days also got vanished. He called it the deepest block reorganization that has occurred ever in the top hundred digital currencies.
Verge Also Spoke On The Issue Via Its Official Twitter Account
Verge, however, did not back off and spoke on the issue through its official Twitter account “VergeCurrency.” In its repose, Verge said that its team was already aware of this incident, saying that the team was busy addressing the issue.
The discussion regarding this issue was also held on the Telegram channel of Verge. One of the messages states that they did not find any 51% attack there and that some malicious actors made this attempt to create the fork. Following the attack, the company also posted an article on Medium to report details regarding the attack.
The team ensured users regarding the safety of funds. It also informed users that the team would bring everything back to the normal condition within the duration of the next thirteen hours.
It is not, however, the first 51% attack seen in the cryptocurrency industry. Last year, Ethereum Classic (ETC) also had to suffer such an attack twice.