250,000 Verge coins stolen by hacker

When a forum thread on BitcoinTalk has been updated with a post regarding the giant hack which made it possible to steal 250,000 units of Verge - a cryptocurrency which can serve as an alternative Bitcoin or simply altcoin, the fanbase did not believe the information. This has been pointed out by cryptocurrency-focused journalists in the first reports on the theme.

It appears that the code of XVG (an abbreviation for Verge just like BTC is an abbreviation of Bitcoin) has been hacked so seriously that the miscreant has managed to mine a big quantity of this cryptocurrency units in a short period of time which normally would be impossible.

While the media calls it a 51% attack because the miner is now allegedly in control of the hashrate of Verge, cryptocurrency bloggers and the fanbase are calling this a “timestamp spoof”. The latter term means that a hacker has made such a mess of the original blockchain of the cryptocurrency (its snapshot has stopped at block at 2007364) that the developers are now preparing a special upgrade or hard fork. You can read the definition of a hard fork in Bitnewstoday’s glossary.

The team of Verge has tried to downplay the situation at first. Apparently, they didn’t cancel the validity of coins mined during the hack, which has caused a strongly negative reaction of the community. And, of course, the whole event has affected the price of this cryptocurrency, it fell down more than by 10%.