Verge (XVG) is rallying on a bearish outbreak across the crypto market today. The catalyst for the 24-hour 8% increase has to do with an update by the core dev team. Here are a few of the highlights the Verge team provided:
- Rebased Codebase to v.0.17 (Bitcoin)
- Ring Confidential Transactions (RingCT)
- Insight API
- Verge iOS wallet
- Verge Desktop wallet
- RSK — smart-contract peer-to-peer platform
Ledger hardware wallet support, although the post does mention that stealth transactions will not be supported for Ledger, stating:
Of course, these updates come in lieu of a hack in April of this year. XVG faced a massive attack which saw 250,000 XVG stolen from its network after 12,000 empty blocks were created.
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After finding out about the attack, the lead developer posted an emergency commit to Verge’s codebase as a means to reduce the network’s maximum clock drift from two hours to just thirty seconds. The token’s Twitter account downplayed the incident, saying that it was a “small hack attack“.
In May, the network saw its second attack and lost up to $1.7 million USD in funds. The hacker was having a field day pilfering up to $1,000 USD per minute – a whopping amount of money for a startling amount of time.
This update was intended to full address those issues:
“Since Verge is a decentralized system, attackers will have a hard time trying to breach into accounts or master nodes, as these do not exist. If vulnerabilities are discovered, we fix them on the fly, as we are volunteers we don’t see everything, if you want to help, check out our github.”
Verge trade volumes increased more than fivefold overnight, rising from yesterday’s low of $3.3 million to this morning’s high of $17.3 million at time of writing – a 424% increase. The increased flurry of trades pushed the XVG price up 17.8% against the dollar, rising from $0.014591 up to Monday morning’s peak of $0.017202.