The Verge (XVG) protocol has been hacked twice with the hackers managing to mint XVG from thin air. There has been a public outcry even after the recent software patch of the latest hack was announced via Twitter. The XVG team member in charge of marketing and operations, Kriss Chase, made the announcement on his Twitter page as follows:
“A patch has been deployed on Github (10 hours ago). Update has been successfully pushed to [GitHub]. Please keep in mind process to reactivating exchanges etc. may still take some time.”
The response was positive from the Verge family in terms of the XVG development team working fast to resolve the issues. However, concerns still linger as to whether the new patch would be sufficient to sort out the timestamp issue that had led to a rogue miner ‘back-dating’ the timing on blocks to fool the mining protocol.
These are genuine concerns, but there is no software project that has not had teething problems. The Mac, PC, Android Phone or iPhone you are using, has had its rough days in terms of having a functional operating system that still has vulnerabilities that are yet to be discovered. All it takes is some rogue hacker to put some time in it and find such a vulnerability.
Therefore, XVG should still be in your Crypto Investment Radar.
As a matter of fact, this is the best time to buy some XVG in bulk as everyone heads to the hills by cashing out their XVG vault of coins.
Current market analysis indicates that the coin has dropped to the number 32 slot according to coinmarketcap.com. XVG is currently trading at under 5 cents and down 2.29% in 24 hours. The current general market decline is also to blame for the dip in the value of not only XVG to current levels of $0.0414 but the entire crypto-market that has seen BTC go below the $7,500 mark.
One thing to look forward to and with respect to XVG is the anticipated collaboration with TokenPay (TPAY). Both these projects have been collaborating on a lot lately. They have jointly organized a meetup in Amsterdam this June and will be listed together on the same day on a new exchange that is in its ICO phase called CurrenX. Another rumor that might materialize, is the XVG debit cards supported by TokenPay.
Therefore, and in conclusion, XVG still has some promise once the coin and project work past the current FUD that is the hack of its protocol. Meanwhile, if you are a shrewd investor, it might be time to buy in during the proverbial dip experienced by XVG.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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