The Verge cryptocurrency has seen its value drop by 25 per cent after hackers exploiting a bug in the alt-coin’s software forced its developers to hit the reset button and hard-fork the currency. Programmers on Wednesday confirmed that the fun-bux had been on the receiving end of a “small hash attack” that caused its value to drop from $0.07 to $0.05 per XVG.

The developers claimed they had cleared up what was portrayed as a minor hiccup. According to netizens observing the attack from the Bitcointalk forums, however, the shenanigans were anything but minor.

Rather, bugs were present in the XVG code that allowed miscreants to mine blocks with bogus timestamps, messing up the currency’s blockchain. The programming blunders were leveraged by persons unknown to generate new blocks at a rate of roughly one per second.

This, in turn, allowed the attackers to net an estimated $1m. “Usually to successfully mine XVG blocks, every ‘next’ block must be of a different algorithm,” explained forum poster OCminer, of the Suprnova Mining Pools.

“So, for example, scrypt, then x17, then lyra, etc. “Due to several bugs in the XVG code, you can exploit this feature by mining blocks with a spoofed timestamp. Read more from…

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