Disaster for Verge: 200 days of transaction history on blockchain Verge were lost!

Disaster for Verge: 200 days of transaction history on blockchain Verge were lost! : Reorganization or return of transactions in the Verge blockchain has caused an acute problem on this network. As a result, the records recorded on this blockchain in the last 6 months have been lost. Meanwhile, some digital currency users have claimed that their stock balance on their wallets has been zero. The developers of Verge have promised to fix this problem.

According to the Coin Telegraph, the Warez network has undergone a major reorganization. As a result, transactions made after July 2020 have been replaced.

This event is referred to as “the largest reorganization in the history of the 100 major market currencies.” However, analysts have not yet confirmed that this was the result of a coordinated attack.

Antoine Le Calvez, a senior executive at Coinmetrics, tweeted that at least 560,000 blocks on the blockchain had been destroyed.

According to Coin Metrics, this happened as a result of re-spending. Re-spending is a type of blockchain attack in which an attacker spends his currency in two separate transactions. One of the consequences of this type of attack is the splitting of the Chinese bloc. Klaus believes that given the scale of the incident, it will be time consuming to fix the problem and find the exact source of the reorganization.

Given that the blocks have been cleared from the Chinese blockchain, anyone who has received a wage since July 2020 may have lost their currency. Hasu, a Deribit researcher, tweeted that they had lost thousands of accounts. One of Verge’s investors has also announced that his account balance has been reduced to zero.

Given the scale of this possible attack, Hasu believes that the nodes can return to the previous chain by rejecting the attacking chain and easily solve the problem. He went on to point out the vulnerabilities in the blockchain that make it possible to extract with a graphics card.

This is not the first time that a proposal to return transactions has been proposed to compensate for such attacks. Hansu cites the 51% 2019 attack on Vercoin as an example. In the same year, Bainance Exchange was hacked and about $ 40 million in user capital was lost. At that time, Changpeng Zhao, CEO of Binance, asked the miners to return the network transactions in order to return the lost assets of the users. The idea was immediately rejected by the miners.

An unapproved image was leaked on Twitter in which Verge’s adviser, AlexanDre, claimed that the source of the incident was the nods who were trying to forge. He added that this was not the result of a 51% attack.

Following the news, the price of Verge fell about 15 percent to $ 0.024. With the decline in the price of this digital currency, Verge was removed from the list of the top 100 digital currencies in the market. The blockchain probe is also now unavailable.

Disaster for Verge: 200 days of transaction history on blockchain Verge were lost!