It seems like bad news keeps coming for the verge cryptocurrency. Recently, executives of the cryptocurrency claimed that just suffered a DDOS attack. This is actually the 2nd such hacking attempts on the verge cryptocurrency. As a result, the blockchain is lacking significantly. Also, there are quite a few investors which are worried about buying the verge cryptocurrency or holding the verge cryptocurrency due to this very reason.
The current trading price of verge cryptocurrency is around $ .04. The market cap stands at around $ 634 million. Ever since this news came out, it has been trending lower. In the past 24 hours, the cryptocurrency has fallen by almost 8%. According to online stats, it is the 31st cryptocurrency by market cap.
According to an official statement by verge cryptocurrency, the mining pools of the cryptocurrency are under DDOS attack. As a result, block processing is getting more and more delayed. The development team is working in order to set the things right. However, it is taking a significant period of time.
Many of the experts believe that the problem is much more serious than what is stated in the official report. As a result, it will take a significant amount of time to fix it as well. Many experts also believe that verge cryptocurrency was stolen as well. As a result, the losses can be in the millions.
Recently as well, verge cryptocurrency was hacked. This resulted in stolen cryptocurrency to the tune of $ 1.7 million. Thus, this is the 2nd attack on the verge cryptocurrency in just 2 months. This speaks volume about the level of security which is present in the verge blockchain. If indeed, verge of blockchain cannot secure its own tokens, nobody will be using this particular blockchain.
Also, some of the users suggested that it is important for the mining pools to use the response rate limiting feature in order to ensure that the DDOS attacks cannot be successful. On the other hand, there are quite a few investors who are investing at the lower levels as well. They think that the verge cryptocurrency will increase significantly in the future. As a result, they are taking this opportunity to invest at the lower levels and make some money.
When the verge cryptocurrency is being hacked increasingly, it is indeed a worrying trend for the investors as to whether it is secure or not. Currently, it seems like the hacking attempts are occurring at a high frequency which is actually worrying for most of the cryptocurrency holders.
Comment below and let us know your views on verge crypto on this attack.
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