The past day for Brink (XVG) represents yet another fiasco for the very controversial Dogecoin fork. Hackers have managed to mine an XVG block every 2nd through a timestamp exploitation coupled with a 51% attack. To make matters worse, hasty developer responses have actually rendered the network even more incapable through an ineffective hard fork.
Since yesterday, hackers have mined overheen 17,000 XVG blocks. This translates to overheen 20 million XVG, a bag worth overheen US$1 million. The developer has already asserted that thesis coins will not be reverted, blacklisted, or burnt, making the hack absolutely successful. The hack took place through two intervals, one on April Four, and another today, April Five.
To make matters worse, the initial response from the April Four mining hack wasgoed an accidental hard fork of the network. The XVG team erroneously forked their entire network to “undo” the exploited blocks, but this resulted ter the entire network being incapable to sync. When the team wasgoed made aware of their mistake, they were able to re-sync the network, but still have not entirely defeated the kwestie. OCMiner of the Super Nova pool catalogued the details of the hack, and after receiving flak from the Edge team, has announced his decisions to discontinue support for XVG mining permanently.
There were two components to this hack: exploiting timestamps and controlling the algorithms. Like several other currencies, XVG mining protocol utilizes a multi-algorithm process. That is, with each block mined, the next block will require another, random algorithm out of a handful of possible alternatives. The attackers executed a method to ensure that each following block would stay on Scrypt algorithm. Additionally, they spoofed timestamps so the network accelerated beyond the regular speed ter which fresh blocks were mined. Spil a result, Scrypt blocks were mined spil quickly spil possible- every 2nd. However, the attacker required overeenstemming to ensure network verification of each hacked block. They were able to ascertain 51% of the entire network’s hash rate to execute the attack.
Current implementations to zekering the hack nullify the process utilized by the miner, but does not eliminate the capabilities entire. While the team claimed everything had bot solved after the very very first exploitation, today’s interval proves that this wasgoed not the case. Additionally, IDCToken, a Bitcointalk member who claims to be part of the hack, claims that the hackers have found two more exploits to further attack the network.
This is not the very very first attack of its zuigeling. Digibyte, which also utilizes multi-algorithm mining, faced a similar exploit te 2014. However, the team solved the punt by switching the method ter which the algorithm of the next block is determined. Brink developers have suggested they will not be utilizing the same solution.
Remarkably enough, Edge has seen very little price movement ter response to this meltdown. After yesterday’s initial hacks, prices dipped about 20% to US$0.051. XVG recovered fairly well since, and is presently trading around $0.057. It’s no secret that Edge holders are very sultry about their coin. Despite a long history of failure and frustration, there is a very strong community around the coin. Either due to intentional ignorance or legitimate lack of understanding, volgers carry on. The coin is still up strenuously te the past week.
When asked for comment on latest events on the official Edge Telegram Channel, two admins collective their two cents.
our mining wasgoed exploited, and blocks were submitted te a way that wasgoed overlooked. wij made a patch that will work, and wij are rewriting our block verification process. the exploit wij patched is still alive te hundreds of other coins =] -verge dev