Vertcoin, a peer-to-peer cryptocurrency has recently undergone four distinct 51% attacks which resulted in the malicious person double-spending an estimated $100,000 USD. According to a blog post by Vertcoin, developers are close to implementing a fork to mitigate the damage.
The first of these incidents began during October, with the first of them starting on the 12th until the 18th of October. The last one began during the 29th of November and was supposedly ongoing up until the report on December 2nd.
One of the Vertcoin developers addressed the issue on a Medium post by saying,
“I am not aware of the victim or culprit, but several members of the Vertcoin community and developers are keeping a close eye on the network and I would advise everyone to do the same thing,”
“Different members of the team and community have approached exchanges with the request to increase deposit confirmations and the developers have been working on two bespoke algorithms.”
The two algorithm changes is implementing a much stricter resistance to application-specific integrated circuit (ASIC) chips, which can mine more efficiently than GPUs and CPUs.
Vertcoin has gone on to argue that the usage of ASICs centralized the hashpower, or flooding the renting market with cheap hashrate, which means that anyone capable of affording the rental of hashpower can perhaps stage their own potential 51% on the network.
The teams concludes with this response,
“Finally, I want to say that Vertcoin is here to stay. We will NOT compromise on decentralization by implementing centralized controls and we will not give up on fighting ASICS. We ambitiously aim to become the dominant mining algorithm for GPUs in the future.”
Attacks on crypto continues to rise up as hackers and malicious criminals continue to get bolder by the minute. Hackers from North Korea have decide to attack individual crypto owners once their attack on exchanges became difficult to do so. Meanwhile, a man in South Africa was recently physically robbed of his Bitcoins during a kidnapping.
What do you think of these horrible attacks cropping up recently?
let us know your thoughts.