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Vertcoin hacked in a similar fashion as last year, cryptocurrency stolen 

Hacked

Vertcoin, earlier this week, got hacked by a group of hackers. The hackers conducted a 51% hack in which 553 blocks of the 603 blocks got hacked. The hack was first noticed by James Lovejoy and published it on GitHub.

The hackers could double spend on a single transaction after the attack. The hackers spent 125 VTC worth $29 at the current market price.

According to the blockchain transaction, the owner of the wallet is unknown in which the funds were transferred.

A 51% attack takes place when one miner gets over 50% of the hashing power. The attacker or hacker can rewrite the blocks after the hack. 

Vertcoin was created in 2014 and last year the coin was hacked in a similar way in which over $100,000 worth of Vertcoins were stolen.

Vertcoin has switched from the Proof-of-Work algorithm to Lyra2Rev3 one to prevent further attacks.

About the author

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Reza Jafery

Raza is the founder of BitMaq he is also considered the father of blockchain technology. He has worked with multiple News Publication and has over 16 years of experience in this industry. He not only manages the day to day operation for the publication but also publishes in-dept articles related to technology and finance. He loves reading during his free time and is also the author of 2 books. During the weekends he takes his kids to the park and movies.

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