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. 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.
To prevent from further hack Vertcoin has switched from Proof-of-Work algorithm to Lyra2Rev3 one.
