Vericoin Fell Victim to 51% Attack By Cryptovest

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Vericoin Fell Victim to 51% Attack

The overall bearish sentiment and collapsing hash rates have increased small token vulnerability 51% attacks that have been plaguing the falling cryptocurrency market this year.

Vertcoin (VTC), a digital token with a current market value of $14 billion, is the latest victim that experienced at least 15 instances of double spending and 22 deep chain reorganizations since mid-November, according to Mark Nesbitt, a security engineer at Coinbase.

The latest Vertcoin blockchain reorganization was as deep as 307 blocks, while the total value of double spending exceeded $100,000, which is a big deal for the coin with average daily trading volume of about $250,000.

The researches divided all the reorganization instances into four separate incidents based on timing and particular qualities of the attacks. Moreover, the fourth incident is ongoing, which means that the network is still subject to attacks.

“These were the deepest reorgs observed that also included do…

This article appeared first on Cryptovest

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