Verge (XVG) is under scrutiny again after the recent hack while the community seems to play it down as an opportunity to grow. The hack seems to solidify the community in a bid to find a lasting solution. However, the developer team behind the Verge project is confident that the hack issue will be a thing of the past as they s k for lasting solutions.

This could bring the Verge (XVG) players together but for the perspective investor, it is a no go zone. Initially information from the team showed the hack was just a normal DDOS attack but is more than what meets the eye.  A tweet read;

 “It appears some mining pools are under ddos attack, and we are experiencing a delay in our blocks, we are working to resolve this.”

With the growing crypto-awareness, downplaying a hack can be very expensive route to take for a platform that seeks to get a future global appeal and earn investor confidence. The community might remain in solidarity with the team but the market has the final verdict.

The market has already shown negative reaction and the XVG coin has already dropped 10.06% against the dollar and 3.60 to BTC at the time of writing. To term the attack as a DDOS issue is understatement, the issue is more damaging than the world coming from Verge.

The dip in Verge price might look insignificant in the short-time but is a clear show how technological unpreparedness can affect a global brand. Whether it is a minor DDOS attack or a major planned attack, it should not have happened given the amount of funds the investor continue pumping to the Verge network.

PornHub Transactions on Verge (XVG) Reversal

The hack seems to have come as a shocker for PornHub, the latest partner to the privacy coin. With the reversal of transactions underway from a partner that cryptocurrency diehards thought was reviving the sluggish coin in the market; the future of Verge remains under scrutiny. However, the PornHub transaction reversal has given Litecoin Charlie Lee voice his concerns;

“Verge mining is being exploited again. Someone has 51% attacked and taken over the Verge network again. PornHub transactions are being reversed!” and adds that “Verge mining is being exploited again. Someone has 51% attacked and taken over the Verge network again. PornHub transactions are being reversed!”

The market has reacted negatively on Verge after the hack and the double digit drop is a clear indication of the challenge the coin is facing from the crypto-landscape. Just when the market is struggling to make gains after the recent slim and smarting from bad publicity, Verge exposes itself to criticism that will dent its reputation as a privacy coin.

Verge (XVG) Hack Lessons

With the reaction from the community and support from general cryptocurrency fanatics, consumers are now aware that hacks are possible and it only serves as a lesson to help cryptocurrencies seal all the loop holes before promising heaven.

There is also a lot of willingness from users to help. This was evident from the various tweets. The community dedication to help technically and financially is the essence of being part of the ecosystem. These platforms are designed to help come up with real world solutions and when they run into problems, the communities behind them should rise up to the occasion.

Verge (XVG) call for unity traverses across the entire digital money market and not just their community. This is one way of instilling confidence in the blockchain technology instead of individual platforms going it alone to benefits from the failures of others; a message directed to Justin Sun, Charlie Lee and Vitalik Buterin.

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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.


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