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How cryptocurrency works

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Breaking News / Cryptocoins

Verge Awake From Their Post-Attack Slumber

The news about Verge just hasn’t stopped this week, again and again the name has popped onto our screens, Verge this, Verge that.

Then, in a dramatic and unfortunate turn of events, the Verge network took on a huge 51% attack, leaving the value of the currency and its community in tatters.

Since the attack, Verge have had very little to say other than a claim that the attack was merely a ‘small hash attack’. We know in reality however that the network sustained some heavy mining and that a large amount of currency was taken.

Moreover, Verge shrugged the attack off by claiming that they would implement more checks, so this doesn’t happen again… quite a vague response considering the scale of the situation here.

Just to give you some context behind the scale of this, on the 4th of April prior to the attack, Verge reached $0.074, and is now at the time of writing, floating at $0.053, on a decline from yesterday of 5.25%.

Early this morning, Verge posted this tweet

Now, considering the scale of the attack, the damage it has done and of course, their ever-looming partnership announcement on the 16th of April, you might have expected Verge to be a little more vocal than they are at the moment. It’s been two days since they tweeted about the attack, and this is what they come up with next?

To me, it feels like a distraction, they are releasing a new wallet for Windows and Mac tomorrow, which is great, Oh and they will be giving a detailed explanation of the ‘mining exploit’ they dealt with. That’s a bit better, I suppose.

Investors and followers of Verge deserve more information, there’s an awful lot of hanging around waiting for announcements, I can only guess that this is because of one or two things, they are either too busy with things to communicate adequately, and/or they are using this hanging, looming pressure to generate hype and hysteria, to get people like me to write articles about them so they can generate more media exposure, in a similar way the April 16th announcement has for them.

Anyway, at least we have something to go off now. The forecast is this – Still expect an announcement on the 16th, we may have a better idea of what it will entail closer to the time. In the meantime, we do expect the value of Verge to teeter around its current value, perhaps closer to the 16th it will climb slightly as interest in the currency grows but really let’s face it, after this attack and after the anticipation they have caused, this announcement better be a good one.

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