Blockchain Wallet CoinPouch Hacked, Verge (XVG) Coins Affected

Thursday, 23/11/2017 | 12:04 GMT by Arnab Shome
  • The teams do not yet know how the hack happened.
Blockchain Wallet CoinPouch Hacked, Verge (XVG) Coins Affected
Finance Magnates

Another cryptocurrency hacking story has surfaced over the last 24 hours - multi-currency crypto wallet CoinPouch has announced that one of its nodes containing Verge currency has been hacked. The company made the announcement on its official Twitter handle, and afterwards issued an official statement.

In response to the announcement, Verge Currency tweeted its concern and posted the wallet address at which the lost coins ended up.

To be clear, the hack was not a hack of the Verge coin itself or the entire CoinPouch wallet - the hack targeted a specific node set up to process Verge coins. Reportedly, the wallet currently holds 126 million coins, worth over $675,000.

In the official statement, CoinPouch elaborated on the incident along with a timeline. A CoinPouch wallet user first reported the incident on the 9th of November, mentioning the loss of Verge coin from his wallet. CoinPouch along with Verge’s lead developer could not find anything and concluded that it was a network issue.

But the situation got murkier when multiple complaints started to flood after a few days. After further investigation, the team found that one of the nodes handling Verge coins was compromised. The hacker routed the coins from this node to his own wallet.

Launched as DogeCoinDark in October 2014, Verge was developed on the Bitcoin Blockchain with added privacy enhancement features, such as the use of anonymity-centric networks Tor and i2P. This coin also supports multi-algorithm mining support. So this coin can be mined with a range of different equipment, adding to the security of the decentralized system.

Since its launch and until its rebranding in February 2016, the price of the coin went sideways. But after the rebranding, the price took an upward leap and recorded an all-time high of $0.008977 in early November this year. The coin has a market cap of over $76 million.

Another cryptocurrency hacking story has surfaced over the last 24 hours - multi-currency crypto wallet CoinPouch has announced that one of its nodes containing Verge currency has been hacked. The company made the announcement on its official Twitter handle, and afterwards issued an official statement.

In response to the announcement, Verge Currency tweeted its concern and posted the wallet address at which the lost coins ended up.

To be clear, the hack was not a hack of the Verge coin itself or the entire CoinPouch wallet - the hack targeted a specific node set up to process Verge coins. Reportedly, the wallet currently holds 126 million coins, worth over $675,000.

In the official statement, CoinPouch elaborated on the incident along with a timeline. A CoinPouch wallet user first reported the incident on the 9th of November, mentioning the loss of Verge coin from his wallet. CoinPouch along with Verge’s lead developer could not find anything and concluded that it was a network issue.

But the situation got murkier when multiple complaints started to flood after a few days. After further investigation, the team found that one of the nodes handling Verge coins was compromised. The hacker routed the coins from this node to his own wallet.

Launched as DogeCoinDark in October 2014, Verge was developed on the Bitcoin Blockchain with added privacy enhancement features, such as the use of anonymity-centric networks Tor and i2P. This coin also supports multi-algorithm mining support. So this coin can be mined with a range of different equipment, adding to the security of the decentralized system.

Since its launch and until its rebranding in February 2016, the price of the coin went sideways. But after the rebranding, the price took an upward leap and recorded an all-time high of $0.008977 in early November this year. The coin has a market cap of over $76 million.

About the Author: Arnab Shome
Arnab Shome
  • 6353 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6353 Articles
  • 80 Followers

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