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Coinbase security engineer Mark Nesbitt has released a Medium article stating that Vertcoin ($VTC) is currently experiencing a 51% attack.
In the medium article, the security engineer who plies his trade at cryptocurrency exchange Coinbase, indicates that four distinct incidents, one of which is ongoing, have occured. The incidents appear to be deep chain reorganizations. 15 of the 22 reorganizations appear to be double spends of $VTC.
Nesbitt admits that this type of activity could result in the theft of over $100,000 citing the latest reorg to be over 300 blocks deep.
Nesbitt goes into depths about the related incidents and how he has gone about detecting the red flags. The investigation is currently ongoing.
The Vertcoin team do not seem to have communicated the potential attack on any social media platforms currently.
The attack appears to have occured just four days after Vertcoin released an announcement about significant updates to the project.
More to follow soon...
Vertcoin Development Update — November 2018
— Vertcoin (@Vertcoin) November 30, 2018
Algorithm update and plans
Non Securities Legal Opinion
Vertcoin Talk Show Tonight!
Merchant Adoption
Vertpig Swap Launch
Vertbase Public Launch
Read all about these topics here: https://t.co/nGodgQHtRg pic.twitter.com/csFUBwSOYz
$VTC is under a 51% attack. Renting enough hashpower currently costs $138 per hour so this was inevitable. Shows the importance of having a strong network.
— Mike V (@Mike__V_) December 4, 2018
“Vertcoin (VTC) is currently being 51% attacked” by Mark Nesbitt https://t.co/fJp5Os9l3Z pic.twitter.com/fSjt39DcMi