{"id":6379,"date":"2021-02-16T02:21:20","date_gmt":"2021-02-16T02:21:20","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/verge-of-disaster-200-days-transactions-wiped-from-blockchain"},"modified":"2021-02-16T02:21:20","modified_gmt":"2021-02-16T02:21:20","slug":"verge-of-disaster-200-days-transactions-wiped-from-blockchain","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/verge-of-disaster-200-days-transactions-wiped-from-blockchain\/","title":{"rendered":"Verge of disaster: 200 days transactions wiped from blockchain"},"content":{"rendered":"

Privacy-focused blockchain network Verge (XVG<\/a>) has experienced a significant block reorganization<\/a>, replacing transactions dating as far back as July 2020.<\/p>\n

Despite being described<\/a> as potentially \u201cthe deepest reorg that has ever taken place in a top 100 cryptocurrency,\u201d analysts are yet to confirm that the incident comprised a coordinated attack.<\/p>\n

Coinmetrics COO Antoine Le Calvez was one of the first to notice the reorg, sharing a screenshot<\/a> on Twitter showing that at least 560,000 blocks had disappeared on February 15.<\/p>\n

\n

Looks like $XVG<\/a> (Verge) experienced a massive 560k+ blocks reorg.@coinmetrics<\/a>‘ node is on a new chain whose last common ancestor with the previous chain dates to July 2020.<\/p>\n

\u2014 Antoine Le Calvez (@khannib) February 15, 2021<\/a><\/p><\/blockquote>\n

Le Calvez suggested the reorg could have been caused by a double-spend, in which a number of XVG tokens are used simultaneously for two separate transactions. However, due to the magnitude of the incident, Calvez admitted<\/a> it will take some time for developers to comb through the data to establish the exactsource of the reorg.<\/p>\n

As a result of this roll-back, any user who received or purchased XVG tokens since July 2020 may have lost their entire balance, with Deribit Insights\u2019 researcher \u201cHasu\u201d tweeting<\/a> that \u201cthousands of balances have simply evaporated.\u201d One Verge investor tweeted<\/a> that their wallet balance is now empty after the attack. <\/p>\n

Despite the scale of the potential attack, Hasu believes it will be \u201cpretty easy to counter,” advancing that “nodes will reject the attacker\u2019s chain and restore the previous one.\u201d Hasu stated the incident highlights the vulnerability <\/a>of blockchains supported by GPU mining. <\/p>\n

This isn\u2019t the first time a reorg has been suggested to fend off would-be attackers, with Hasu referencing back to 2019 when Vertcoin succumbed<\/a> to a 51% attack. The same year, after major exchange Binance was hacked for more than $40 million, founder and CEO Changpeng Zhao floated the idea of conducting a Bitcoin reorg<\/a> to recover the funds, however, the idea was quickly decided against.<\/p>\n

An unconfirmed screenshot shared by Twitter user @etn_electroneum<\/a> showed XVG advisor AlexanDre stating the source is linked to some nodes who wanted to create a fork. He also added that there was not a 51% attack.<\/p>\n

XVG advisor AlexanDre telegram announcement on Verge reorg. Source: Twitter<\/a><\/figcaption><\/figure>\n

In the last six hours, XVG has dropped by almost 15% to $0.0224. This has resulted in it moving out of the top 100, according to Coingecko<\/a>. Verge\u2019s explorer<\/a> is still down.<\/p>\n

Privacy-focused blockchain network Verge (XVG<\/a>) has experienced a significant block reorganization<\/a>, replacing transactions dating as far back as July 2020.<\/p>\n

Source: COINTELEGRAPH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Privacy-focused blockchain network Verge (XVG) has experienced a significant block reorganization, replacing transactions dating as far back as July 2020. Despite being described as potentially \u201cthe deepest reorg that has ever taken place in a top 100 cryptocurrency,\u201d analysts are yet to confirm that the incident comprised a coordinated attack. Coinmetrics COO Antoine Le Calvez…<\/p>\n","protected":false},"author":1,"featured_media":6380,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[560,562,25,561,558,559],"class_list":["post-6379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-51-attack","tag-blockchain-attack","tag-news","tag-reorg","tag-verge","tag-xvg"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6379"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=6379"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/6380"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=6379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=6379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=6379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}