Verge of disaster: 200 days transactions wiped from blockchain

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Verge of disaster: 200 days transactions wiped from blockchain

Verge has been hit by a huge blockchain reorganization, resulting in more than six months worth of transactions and balances vanishing. However, devs claim it can be fixed.

Privacy-focused blockchain network Verge (XVG) has experienced a significant block reorganization, replacing transactions dating as far back as July 2020.

Despite being described as potentially “the deepest reorg that has ever taken place in a top 100 cryptocurrency,” analysts are yet to confirm that the incident comprised a coordinated attack.

Coinmetrics COO Antoine Le Calvez was one of the first to notice the reorg, sharing a screenshot on Twitter showing that at least 560,000 blocks had disappeared on February 15.

Le Calvez suggested the reorg could have been caused by a double-spend, in which a number of XVG tokens are used simultaneously for two separate transactions. However, due to the magnitude of the incident, Calvez admitted it will take some time for developers to comb through the data to establish the exactsource of the reorg.

As a result of this roll-back, any user who received or purchased XVG tokens since July 2020 may have lost their entire balance, with Deribit Insights’ researcher “Hasu” tweeting that “thousands of balances have simply evaporated.” One Verge investor tweeted that their wallet balance is now empty after the attack.

Read more...