Verge (XVG) Forks After Rogue Mining Exploit
The Verge (XVG) project had to overthrow yet another bout of sudden crisis, as the network was beset by a rogue mining attack last week. The solution was to update the blockchain in the form of a hard fork. Additionally, Verge released new versions of its wallets.
At the moment, blockchain explorers do not show any more accelerated mining, where a block is produced every second. After the fork height of 2040000, the exploit with faked timestamps no longer works, users noticed. At this point, it is difficult to estimate how many hours of accelerated mining occurred. The blockchain was not rolled back to the previous state, so the supply of XVG coins has increased faster than scheduled.
But XVG is a coin with a large supply and in the long run, the accelerated mining would not affect the market that much. The Verge developers still have to come out with an official announcement on the exploit and the fate of the additional coins. Since XVG is an anonymous coin, it may be hard to trace the coins moving.
After the news, the XVG market price stabilized again, but it never sank down too far in the first place. With the market recovering, XVG grew by around 5% overnight to $0.067. In terms of dollar price, the loss since the peak does not seem as dismal.
After reaching a bottom in February, the XVG price started to grow in terms of BTC prices and in dollar value, recovering to almost half the peak value.
The April 17 date set for a partnership has not arrived yet, but the Verge project announced a deepening cooperation with TokenPay. The payment system operator was one of the big donors during the fundraising campaign at the end of March, but it is unknown whether the same startup is also the partner of Verge.
However, there has been talk of a card allowing XVG payments, but this is a move on the side of TokenPay:
#TokenPay CEO @derekcapo meeting in Munich earlier today for breakfast with key stakeholders of the German bank. A deal in principle has been agreed upon by all parties. We will provide full details at closing, but can say that $TPAY and $XVG debit cards are likely coming soon. pic.twitter.com/Xmos479vrC
— TokenPay (@tokenpay) April 8, 2018
The community still sees heightened anticipation of the real partnership announcement, and this may continue to affect the price in the coming days. However, XVG remains potentially volatile, and may see corrections.This article appeared first on Cryptovest
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