The vulnerability of the cryptocurrencies is probably the main reason many experts in the FinTech industry are still skeptic about the crypto market.
At least three 51% attacks on the XVG occurred in about two months, exposing the weakness of cryptocurrencies related to the BTC.
The hacking immediately affected the coin’s market value and fueled different opinions on the matter. While some crypto analysts claim that Verge was on the collapse line, others are confident in their prediction that XVG will recover successfully and to grow stronger in the future.
The Verge price went down every time a 51% attack occurred. Following the first attack, 250 000 coins were lost, which could be neglected, considering that the maximum coins in circulation are over 15 Billion tokens.
The second attack caused more damage, with more than 35 million pieces missing. At the time of the attack, this was equal to $1.7 million.
The third time "charm" was reported today, and the crypto community is yet to find out the scale of the damage and is seriously concerned about the protocol’s security.
The 51% attack means that a group of miners takes control over and manipulates more than a half of the network's mining hash rate. This way they can halt payments or start double-spending of coins.
The networks providing anonymous transactions still bear a great potential, the flaws related to the ASIC resistance need greater attention.
While the Verge grows stronger by signing several partnerships this year and gets listed on new exchanges, the 51% issue needs the attention of the coin’s team.
Attacks of such type affect not only the Verge price, but the value of many other currencies, Bitcoin included.