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Back From The Brink: Verge XVG Price Rebounds

Positive news and proactive action by the development team

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Verge tokens (XVG) are on course to recoup most of the losses it sustained last week after a successful hack led to a quarter of a million XVG tokens being stolen.

Among the few coins to increase in price today, Verge tokens are currently trading at $0.068 with a market cap of just over $1bn as of 15:00 GMT.

According to CoinMarketCap, this means that Verge has nearly regained all of its losses that it had sustained last week after an estimated 250,000 XVG tokens were stolen from the blockchain.

The attack led to a run on XVG tokens on Wednesday, with the price falling from $0.072 at market open to a low of $0.050 by Thursday morning: a more than $300m wipeout for the coin’s total value.

Although the price plateaued until Friday, over the course of the weekend it began rising: reaching $0.06  in the small hours of Saturday morning and pushing past $0.07 earlier today.

This followed an announcement on Sunday that a preliminary agreement had been made with TokenPay, a decentralised payment platform based in Germany. Details are still yet to come but TokenPay has mooted the possibility of XVG-loaded debit cards coming in the near future.

Agreements between payment platforms and cryptocurrencies gets the market excited. When the Litecoin Payment App, LitePay – which ceased operations late last month – announced a release date back in February,  LTC shot up by nearly a $100 in value.

On Wednesday, a malicious attacker managed to exploit Verge’s codes, which enabled them to mine blocks in quick succession and make off with an estimated $16,000 worth of Verge tokens.

Details are still thin on the ground and the Verge development team have said very little:on Twitter they described it as a “small hash attack” which had been fixed.

On Sunday, Verge announced that they had successfully hard-forked, effectively updating the blockchain with new rules that are designed to stop a similar attack from happening again.

 

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