The recent widespread adoption of cryptocurrency continues to be threatened by the vices in the market. Scams, sim swapping, hacks, and different form of vices, have continued to pose a threat to the market’s growth, touted to be one of the most preferred investment grounds for many investors worldwide.
The growing rate of these attacks has forced analysts to beckon on several crypto exchanges and blockchain technology firms to bolster security and data protection in a bid to lower the threats posed by these vices. In a recent news, Verge(XVG) cryptocurrency network is reportedly the latest victim to suffer a 51% attack.
No loss of funds, but more than 550,000 blocks were affected
Crypto attacks have continued to paint the cryptocurrency market’s image in a bad light, as several critics of the market always get more defensive opinions when an unfortunate experience occurs. The news was revealed via social media by the Coin Metrics Data management team, who discussed the harsh impact of the attack on the network.
Antoine Le Cavez, Coin Metric Data Chief, revealed that more than 550,000 blocks in the network were affected by the attack. Another Data Expert of Coin Metrics, Lucas Nuzzi, also revealed via Twitter that the attack had resulted in about six months of transaction data wiped off the Verge network. In Luca’s tweet, the data technician explained that this attack is one of a kind as he believed it has never happened to any cryptocurrency network before now.
However, in their official post, Verge has apologized to its users and assured them that they have no cause for worries as their developers are already on deck and working hard to restore normalcy. The network further went ahead to assure their users to exercise a bit of patience, as everything will return to normal in less than 24hours.
Crypto Attacks still on the rise
The unfortunate nature of these attacks on crypto users is that many at times, and unlike the one suffered by Verge, they usually lose funds. These crypto hacks and attacks imply that they continue to raise skepticism in potential investors’ minds in the market. However, there is a wake-up call towards many crypto exchanges and networks to do all they can to ensure that the recent uprising of attacks does not damage the market’s image.
Verge, the latest to suffer a crypto attack, has been chastised by many social media users who believed that the cryptocurrency network’s current rate of attack is becoming too much, as its developers need to do extra to avoid the frequent repetition of such incidence. The popularity of 51% attack is also high as a privacy coin- Firo was a victim of the attack last month. It is also worthy to note that Verge, formerly known as DogeCoinDark, is not the only one to have suffered the attack multiple times. Ethereum Classic had suffered the same fate too, when it was massively attacked in August last year, leading to loss of users’ information and funds.