The Verge encryption chip was blocked by hackers for blockchain control, a 51% attack only in theory

The Verge encryption chip was blocked by hackers for blockchain control, a 51% attack only in theory
Verge (XVG) is a well known currency coded by many investors, even though it is ranked No. 22 on Coinmarketcap. Recently, Verge has become a victim of an attack and took control of 51% of the excavator network. This is what all coders are afraid of.

In theory, a blockchain network works thanks to a system of nodes. These are computer systems around the world, so no one can control the whole system. But if anyone can control over 50% of diggers, they can confirm counterfeit transactions or even double the coding amount in their wallets.

The Verge encryption chip was hacked by blockchain control, a 51% attack only in theory - Picture 1.
Verge was the first victim of a 51% attack in theory.

Recently, such unlikely theories have come true. A hacker accounted for 51 percent of Verge's digging network, stealing over 250,000 coin, according to the development team. However, experts estimate the actual number may reach up to 3.9 million Verge, whose present value is over $ 220,000.

On April 4, a member of the Bitcoin Forum reported that Verge had undergone a 51% assault. A loophole in the blockchain of this coding coin allows hackers to use the same algorithm to create new blocks. Often, different algorithms will be used when creating a block, to prevent any single miner or pool of miners controlling the XVG's hash.

The Verge encryption chip was blocked by hackers for blockchain control, a 51% attack only in theory - Picture 2.
Many fake blocks are confirmed.

By exploiting this vulnerability, hackers create more blocks per second with a single algorithm. This is impossible, as it will require certification from many other excavators around the world.

This hacker has created hundreds of fake block blocks, to confirm no encryption transactions. This attack is considered the same as the theory of a 51% attack, when a single person can control and confirm the pre-coded transaction, without the need for any other excavator in the world. .

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The Verge encryption chip was hacked by blockchain control, a 51% attack only in theory - Picture 3.
The attack took about 3 hours and was temporarily stopped.

"Based on what the Verge development team has to say, it looks like they are hiding the severity of the problem," said a Bitcoin member. The attack took about three hours and was temporarily stopped, possibly developing a rollback blockchain.